Archive for appraisal for timeshare donation tax deductions

Tax Issues in Donating a Timeshare to Charity

Donating a TimeshareDonating a timeshare to charity usually seems like an enticing way to get rid of a timeshare due to the possibility to get a tax deduction following timeshare donation.

Timeshares are vacation villas or condos that several people share the ownership and usage of. When you buy a timeshare in the United States you will usually have legal deed to the timeshare property. The title to the property will usually include your name, as well as the names of the other timeshare owners, on the deed.

You are allowed to legally get out of your timeshare contract whenever you choose, as would certainly hold true with other types of real estate holdings, by selling or giving away your timeshare interest. Regrettably, there is a nearly non-existent demand for re-sale timeshares. When and if timeshares are actually sold, it is almost always at a huge loss as the bottom has completely dropped out of the market and there is a glut of available timeshare properties. It’s usually not possible for timeshare owners to succeed in selling their timeshare interests for any amount of money. Read More→