Booked week options

[GreenTea]

I have my owned week reserved for next spring. It is owned, but not enrolled. We are not going to travel that week after all, so I want to make sure I know my options and that I'm not understanding something correctly.

I can cancel the reservation and rebook it for a different week in my season in the same year?

I can buy an individual II membership and deposit the booked week and request something, with a date up to 2 years(?) in the future?

The week could be rented by me privately here or on Redweek. But then am I responsible for the guests? If I am renting online, is that a worry??

I could donate my week to a school auction and take the value of what Marriott would charge for the week, nightly, as a tax deduction? This one I haven't seen mentioned here but I am thinking that is an option. Again, responsible for the party in the unit(?) though via a private auction likely not as much worry.

So please let me know if I've got my possibilities straight and I am understanding the options. Thanks.

 

[rthib]

I have my owned week reserved for next spring. It is owned, but not enrolled. We are not going to travel that week after all, so I want to make sure I know my options and that I'm not understanding something correctly.

I can cancel the reservation and rebook it for a different week in my season in the same year?

I can buy an individual II membership and deposit the booked week and request something, with a date up to 2 years(?) in the future?

The week could be rented by me privately here or on Redweek. But then am I responsible for the guests? If I am renting online, is that a worry??

I could donate my week to a school auction and take the value of what Marriott would charge for the week, nightly, as a tax deduction? This one I haven't seen mentioned here but I am thinking that is an option. Again, responsible for the party in the unit(?) though via a private auction likely not as much worry.

So please let me know if I've got my possibilities straight and I am understanding the options. Thanks.

You got it.
If you rent/give your week, it is like you are there so you are responsible. Lots of folks do it and if you go through reputable location you should be ok.

The only thing I would add is that with II is the date of your week matters. Check the trade index to see. Also, make sure you deposit it soon enough, if you wait until 60 days out, it is a late deposit and has lots of restrictions.

 

[VacationForever]

I could donate my week to a school auction and take the value of what Marriott would charge for the week, nightly, as a tax deduction? This one I haven't seen mentioned here but I am thinking that is an option. Again, responsible for the party in the unit(?) though via a private auction likely not as much worry.

I am not a CPA nor a lawyer. I don't believe you will stand up in an IRS audit if you take the value of what Marriott would charge for the week. At most you can take the charge of the MF or what the auction finally went for. I have donated a bunch of weeks for charities and schools and I have never taken a tax deduction because I don't want to have to explain myself in an IRS audit.

 

[GreenTea]

Good question on determining value. I'm sure there is a standard. I can't imagine not taking it according to regulation.

 

[GreenTea]

Oh yes, it's complicated! We had decided already just to cancel and rebook it for fall instead, but the IRS question made me search. I couldn't find the exact answer, all related to donating your week as a permanent riddance or donating a week in a home you own (less than a whole ownership isn't deductible) So, if anyone has the actual rules I'm just curious. If a week is the entirety of my ownership, is its donation deductible?

 

[Tank]

I was told by my accountant it is not deductible. I have done this many times.