Donations and Give Backs

[joedalto]

I have recently become a TUG member and begun browsing the resources because my wife and I need to unload our timeshares [specific TS info. removed - DeniseM Moderator.] I appreciate the helpful comments, discussions, articles, and time that members are putting in for us novices. My preference would be to sell for what I could get, but judging by the listings on Ebay and TUG, the chances of getting any cash at all in this economy are dismal.

Dontations to Charity: If I am able to find an IRS qualified charitable organization to accept my timeshare(s) as a donation, and the transaction proceeds successfully, how do I estimate FMV for tax purposes with the listing price ranges varying from $1.00 to $30K+?

Quit Claim: In another reference on TUG (i.e. 'Give it Back' - Lake Gaston Resort), a person described how they used a Quit Claim Deed to quit claim the timeshare back (to the timeshare company, I presume). Is this an option for anyone needing to get out of upcoming and future maintenance fees? Any issues to be aware of before diving in?

Again, I appreciate any time you can give to help . . . cheers! . . . Joe

 

[DeniseM]

Unless the resort agrees to take a unit back, they do not have to accept a Quit Claim Deed.

 

[theo]

Further clarification may be in order here...

Unless the resort agrees to take a unit back, they do not have to accept a Quit Claim Deed.

More precisely stated, the recipient (grantee) of any quit claim deed must first knowingly and voluntarily consent to accept. A valid quit claim deed can never just be unilaterally and independently initiated by any grantor without the knowledge of (and overt acceptance by) the grantee.

 

[joedalto]

Theo and Denise,

Thanks for the clarification on Quit Claims.

 

[AwayWeGo]

Timeshare Company & Timeshare Resort Are Not Necessarily 1 & The Same.

In another reference on TUG (i.e. 'Give it Back' - Lake Gaston Resort), a person described how they used a Quit Claim Deed to quit claim the timeshare back (to the timeshare company, I presume). Is this an option for anyone needing to get out of upcoming and future maintenance fees? Any issues to be aware of before diving in?

Giving back an unwanted week might not always be a matter of returning it to the timeshare company.

Some timeshare resorts are out from under control of the timeshare company & are managed by independent, owner-controlled Homeowner Association Boards Of Directors. In that case, giving back a timeshare week would mean turning it over to the HOA-BOD, rather than to the timeshare company.

Either way, if the timeshare company or the HOA-BOD (as the case may be) doesn't want it, it doesn't have to take it back.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​