ej16nb5k
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I read a bunch of posts on the forums about purchasing a timeshare under an LLC and all seem to be about trying to anticipate walking away from the maintenance fees. To be clear, this is not what I am asking....
Long story short, my mom has a bunch of perpetually deeded timeshare weeks. She wants out and offered to give them to me for free. She asked that I allow my brother to use them, which I have no problem with. I thought about purchasing them under an LLC so that we can allocate a % of ownership between the two of us and keep them as sort of a family owned thing. Some years we may sell them to offset fees and some years we may use the weeks. My brother would share the annual fees with me.
I am not looking write off losses or do anything sketchy....
So I have two questions....
1. Has anybody done this? If so, anything I should know? It seems like it would just be set-up an LLC, contribute some cash to it and have a deed transfer done from my mom to the LLC with an agreement between my brother and I.
2. Separately, I do have my own separate company that is my full-time job and I do travel a lot on business to Washington DC. If I use a week for a business trip in DC, can I simply expense the annual fee for that week to my company for reimbursement? It would be way cheaper than if I paid for a hotel, so I don't see why I couldn't do this?
Thanks!
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Sorry, I accidentally posted this in the Exchange forum and I can't figure out how to move it or delete it.
Long story short, my mom has a bunch of perpetually deeded timeshare weeks. She wants out and offered to give them to me for free. She asked that I allow my brother to use them, which I have no problem with. I thought about purchasing them under an LLC so that we can allocate a % of ownership between the two of us and keep them as sort of a family owned thing. Some years we may sell them to offset fees and some years we may use the weeks. My brother would share the annual fees with me.
I am not looking write off losses or do anything sketchy....
So I have two questions....
1. Has anybody done this? If so, anything I should know? It seems like it would just be set-up an LLC, contribute some cash to it and have a deed transfer done from my mom to the LLC with an agreement between my brother and I.
2. Separately, I do have my own separate company that is my full-time job and I do travel a lot on business to Washington DC. If I use a week for a business trip in DC, can I simply expense the annual fee for that week to my company for reimbursement? It would be way cheaper than if I paid for a hotel, so I don't see why I couldn't do this?
Thanks!
---
Sorry, I accidentally posted this in the Exchange forum and I can't figure out how to move it or delete it.
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