I'm thinking of giving my TS away to a church. If i do this can I write this off as a donation? and if so do I write off what I paid for it [less interest] or do I have does the write off amount haveto come from comps?
Yeah I know.. I was only being an ass, shaking my fist in the face of the IRS. But thanks for informing that it is possible to find sale info from the county.only a small fraction (often less than 10%) of what the unit originally sold for.
You don't get to define what "Fair" means. That is defined by the IRS in its rules governing donations.
This is a valuable property. If you have mandatory Staroptions, an annual week is worth about $6K. I would never give it away. I don't get it.Its my cousin's church, thats the only reason I'll do it. The Church is here in north Florida and the TS is Vistana Villages in Orlando. There is always church stuff going on down there. He is the one talking to them about it. If is doesn't go through then I will sell it for ridiculously cheap.
hmm Fair Market Value... well the value of all real estate has fallen, and the prices they are at, well, I don't think they are "fair" so I'll write off what I think is "fair" instead of the Unfair Market Value.
But how do you get comps for time share's. Its not as easy as looking up county appraiser/tax collector info for residential on the county website.
Yeah I get Staroptions every year and its 1 bedroom, week 19, floating. I just figured the market for everything is so bad that it would take forever to sell it. I looked on Ebay and it didn't look like anything was even being bid on.This is a valuable property. If you have mandatory Staroptions, an annual week is worth about $6K. I would never give it away. I don't get it.