Timeshare donation is a complex and often devious way to try to get rid of a timeshare. A timeshare donation tax deduction can lead you down a path to becoming the target of an IRS audit and/or significant fine.
Timeshare donation scams can be avoided by doing your due diligence and scouring the internet for timeshare donation reviews. One of the most common timeshare donation scams involves timeshare donations to veterans. Several timeshare donation companies have gotten in trouble with the law by claiming they process or facilitate timeshare donations to charity.
What is a Timeshare Donation Network?
Timeshare donation to charity may seem to be a way to get out of your contract without costing you money, but this is not the case. You may find yourself dealing with an elaborate timeshare donation network that has been formed for the sole purpose of defrauding both the government and the timeshare resorts by transferring timeshare deeds to fake companies formed with the intent of eventual bankruptcy. These timeshare donation networks may even have fake not-for-profit organizations of their own set up to help facilitate this grand scam.
If you participate in such a timeshare donation scheme, you are essentially an accomplice to fraud. Most timeshare owners are decent, law-abiding people who have found them in a desperate situation of owning something that has little to no real value and is a constant drain on their finances.
While free timeshare donation would seem to be the perfect solution to the timeshare dilemma, the truth is that there are many hidden costs to timeshare donation, as well as potentially dangerous consequences. You will want to believe everything that timeshare donation companies will tell you about the benefits of donating your timeshare. When people are happy with what they hear, they rarely do the necessary research to find out the reality of timeshare charitable donation.
The timeshare donation process will ALWAYS involve some kinds of fees. The process of transferring your timeshare deed into the name of a company or even non-profit organization will require a fee. As well, the timeshare donation company will also require fees to make the donation go through…regardless of whether the transfer actually happens. Of course, they will tell you that you will recover all or most of these costs by claiming a timeshare week donation tax deduction.
Some timeshare donation scams will go to the extremes of obtaining a fraudulently inflated timeshare property assessment to help you recover a very high timeshare donation tax deduction. Indeed, this manner of donating timeshare for tax write off purposes is not only wrong, it is illegal.
The IRS does not accept a “perceived” value or “assessed” value for timeshares. The Internal Revenue Service has stated in no uncertain terms that only the “fair market value” of a timeshare can be claimed as a timeshare donation tax deduction. Considering that the true fair market value of a timeshare is next to nothing in today’s depressed timeshare resale market, any legitimate timeshare donation tax write-off would be negligible.
Why Donation of Timeshare to Charity Doesn’t Make Sense
The charitable donation timeshare week write-off scam doesn’t make any sense when one stops to think about the fact that the truth is you are donating a liability, not an asset. How can a timeshare donation American Cancer Society receives benefit the foundation or anyone who is suffering from cancer? Shouldn’t you be donating something with some worth, rather than another bill to a charity that is trying to pay for research or the physical needs of the sick, disabled and downtrodden?
Timeshare donation to charity tax deduction schemes are more often than not a way to take money from people under the charade of “giving back” to the community. The charitable donation tax deduction was created to reward people who are generous with their funds and make an effort to truly help the needy. It was never intended to be a way for people to shirk their contractual responsibilities, as is the case with donation of timeshare week to charity.
Best Timeshare Donation Alternative
Considering that there are legal and valid methods of transferring a timeshare out of your name, donating timeshare property in effort to get some money back on your taxes is one of the least palatable choices for those who try to both obey the law and maintain their own personal integrity. If you want to donate to a cause, it is best to free up some extra cash through legal and permanent Timeshare Redemption and donating that to your favorite charity. You will sleep better at night knowing not only did you do the right thing, but you never have to be responsible for timeshare maintenance fees or special assessments again!