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MF statement property tax write off

Discussion in 'Marriott Vacation Club' started by pefs65, Feb 9, 2010.

  1. pefs65

    pefs65 TUG Member

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    Where on my MOC MF statement would be the property tax amount that I can use on my taxes to write off?

    Is it the actual amount?

    I own EOY.

    Thanks:)
     
  2. rthib

    rthib TUG Member

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    I am not a CPA

    If you look at the insert with your MF or go to MVCI web site, you can see they break out everything.

    I own at Canyon Ridge and the line item for property tax in 2009 was $41.31 in 2010 $38.88 per unit week.

    So yours should probably be around that amount.
     
  3. BobG7734

    BobG7734 TUG Member

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    I am EOY at MOC also, the tax amount for last year was $60 and it does qualify as a RE tax deduction.
     
  4. tiel

    tiel TUG Member

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    Multiple weeks?

    If you own at multiple resorts, are the property taxes from ALL of your weeks deductible? Is there any sort of limit?
     
  5. pefs65

    pefs65 TUG Member

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    Thank you for the response.:)
     
  6. pefs65

    pefs65 TUG Member

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    You know I just realized that I paid MF for 2010 but not 2009.

    So I guess for this Tax yr 2009 I can not write off the property tax because it is for 2010 right?:shrug:
     
  7. rthib

    rthib TUG Member

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    Again, not a Tax guy but did talk with one a while back.

    Yes, no limit as long as property taxes are billed or listed separately for each unit you can take each deduction.

    Example:
    For Shadow Ridge you get a separate bill, so no problem.
    For Canyon Villas, the fee insert has a separate line item for property taxes per unit, so good also.

    If you had a T/S Share that just sends you a Main Fee bill and then provides you with the total budget - You can not do the math yourself and take the deduction (So if Tax for a 1000 room resort was 520,000, you could not deduct $10 (520,000 / 1000 rooms / 52 weeks).
     
  8. Dave M

    Dave M TUG Lifetime Member

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    rthib has it exactly correct. And, confirming, from my Income Taxes and Timeshares article:
     
  9. vacationtime1

    vacationtime1 TUG Member

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    Resorts Owned:
    WKV x3 (Scottsdale)
    WKORV-OF (Maui)
    MAW & MKW (Kauai)
    So why does Starwood itemize the property tax amount on at least one of the maintenance fee bills it sends out (Kierland) but not on others (WKORV, SDO, and SBP)?

    If Starwood itemized property taxes on the Maui properties where the massive increases in property taxes are one of the reasons for the 20% increases in MF's this year, it would provide some tax benefit for its customers and simultaneously justify at least a portion of the fee increase. Does it matter that Starwood is not actually paying the tax increase, but instead deposits it into some kind of impound account pending administrative or judicial determination of the propriety of the tax increase?

    Am I missing something or is this just another example of Starwood's poor management (Starwood gains nothing by not doing its paperwork in a way to give its customers a tax break)?

    BTW--Marriott itemized property taxes on the MF bills it sent for Waiohai.
     
  10. BobG7734

    BobG7734 TUG Member

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    perfs65, the taxes are a deduction in the year that they are paid...so if you paid the 2010 MF in 2009 theycan be deducted in 2009.

    Also, there is no limitation on how many units (taxes) are paid.
     
  11. pefs65

    pefs65 TUG Member

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    Yes I did pay them in 2009.
    So great I will use them as a property tax deduction.

    Thanks for all of your help.
     
  12. pefs65

    pefs65 TUG Member

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    I just checked my MF statement and it says my property tax for my 2br eoy MOC is approx $144?

    Is that right ? would that be the figure I use?

    Thanks
     
  13. jimf41

    jimf41 TUG Member

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    OK, I have a question for you tax Guru's out there. I just found out that Marriott is telling new buyers that the tax bill for Frenchman's Cove will be $271 in 2011. If that's true, and I have no confirmation that it is, that means I would get a bill for 2006 thru 2011 next year. Do I have to file a bunch of amended returns or can I just deduct it in one year since I will be paying it in one year?
     
  14. Dave M

    Dave M TUG Lifetime Member

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    Property tax is deductible only in the year paid, no matter what year the tax is related to.
     

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