nikbov
TUG Member
Has anyone donated their timeshare? If so, which service did they use & did you have a good experience? Did it qualify as a 501(c)(3) group so it was a tax write off?
Thanks
Nicole, Denver
Thanks
Nicole, Denver
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Donating timeshare
- Thread starter nikbov
- Start date
Dave M
TUG Lifetime Member
Welcome to TUG!
See this article from the TUG Advice section (see link at the top of the page) for info on donating timeshares to charity.
Basically, you'll get an income tax deduction if you donate the ownership (not merely this year's use) of your timeshare to charity. However, your deduction is equal to the resale value of your timeshare, not what you paid for it!
Unless your timeshare has a reasonable value, most charities won't take your timeshare because they can't make any money after incurring the selling costs. And if it has reasonable value, you will come out better economically by selling it. That's because the proceeds from a sale will usually exceed the tax savings (which is, at most, about 40% of what those sales proceeds would have been) - even after considering reasonable selling costs, most of which are usually borne by the buyer.
Use the "Search" feature (on the above blue bar) to search this Buying, Selling, Renting forum for charity and/or donation or variations of those words and you'll find a number of threads discussing various charities that accept timeshare donations.
See this article from the TUG Advice section (see link at the top of the page) for info on donating timeshares to charity.
Basically, you'll get an income tax deduction if you donate the ownership (not merely this year's use) of your timeshare to charity. However, your deduction is equal to the resale value of your timeshare, not what you paid for it!
Unless your timeshare has a reasonable value, most charities won't take your timeshare because they can't make any money after incurring the selling costs. And if it has reasonable value, you will come out better economically by selling it. That's because the proceeds from a sale will usually exceed the tax savings (which is, at most, about 40% of what those sales proceeds would have been) - even after considering reasonable selling costs, most of which are usually borne by the buyer.
Use the "Search" feature (on the above blue bar) to search this Buying, Selling, Renting forum for charity and/or donation or variations of those words and you'll find a number of threads discussing various charities that accept timeshare donations.
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JLB
Banned
We donated to German Language School, with Timeshare Transfer, Inc. handling it, with no problems. We were told we could deduct up to $5000 without an appraisal, but did not need it, so didn't.
Subsequent posts seem to indicate that GLS is no longer in the TS donation business.
I recently posted about a new one, one that is close to us:
http://www.tugbbs.com/forums/showthread.php?t=53500
I was told that they are properly set up for tax purposes.
I posted assuming Dave would check them out, and comment if there is anything out-of-order, as he has in the past.
Subsequent posts seem to indicate that GLS is no longer in the TS donation business.
I recently posted about a new one, one that is close to us:
http://www.tugbbs.com/forums/showthread.php?t=53500
I was told that they are properly set up for tax purposes.
I posted assuming Dave would check them out, and comment if there is anything out-of-order, as he has in the past.
janapur
TUG Member
I just donated a week to a silent auction for Ducks Unlimited chapter to which my husband belongs. They host their annual banquet in the dining hall at the resort which I donated, so I knew that everyone would be familiar with the location and ammenities.
Fortunately, and to my surprise, my brother in law was the high bidder and already a ts owner so the transfer was easy. I was prepared to assist the new buyer in their introduction to ts.
Jana
Fortunately, and to my surprise, my brother in law was the high bidder and already a ts owner so the transfer was easy. I was prepared to assist the new buyer in their introduction to ts.
Jana
Exception ....not the rule
As Dave stated already, most charities WON'T accept a timeshare donation. Resort Closings, Inc. makes the "accept or reject" decisions for Donate for A Cause --- and they reject many more than they accept. I'm glad your experience was good, but it may also have been unusual...
As Dave stated already, most charities WON'T accept a timeshare donation. Resort Closings, Inc. makes the "accept or reject" decisions for Donate for A Cause --- and they reject many more than they accept. I'm glad your experience was good, but it may also have been unusual...
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bogey21
TUG Member
The charites that accept timeshare weeks come and go. Having said that, I have donated 4 weeks over the years with 3 different charaties without a glitch. In years past it was a better deal in that the charity took the Week off your hands immediately and assumed the responsibiliy for future MFs. Today most leave you on the hook until they sell the Week. It is a little unnerving in that you lose some control over your Week and are still obligated for the MFs. That said, I've had a successful experience every time I have donated a Week.
GEORGE
GEORGE