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Crimsondoll

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I am in need of an appraisal or the fare market value of my timeshare as of May 7th 2019. I sort of inherited my timeshare and have no idea how any of this works and am hoping someone can steer me in the right direction.
 

Grammarhero

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Likely $0 unless Disney, Marriott, Hilton, or Hyatt. What TS do you own? In what city? How many bedrooms?
 

DavidnRobin

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I am in need of an appraisal or the fare market value of my timeshare as of May 7th 2019. I sort of inherited my timeshare and have no idea how any of this works and am hoping someone can steer me in the right direction.
If it has no value (likely), you should not accept this inheritance. You aren’t required to do so.


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WVBaker

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I don't know about other states, but in Maryland, if you receive an inheritance by a will, you can refuse to accept it however, you must refuse it by "disclaiming".

Should you do so, the disclaimed item(s) pass to the next beneficiary in line.

Keep in mind that disclaiming is a permanent decision. You can't change your mind so, think about it carefully. Do it only if you think it's best financially. Also, there specific rules and steps to complete a disclaimer.

There is a time limit. In Maryland it's within 9 months of the person's passing or nine months after you turn 21 if you’re a minor.

Do not receive any benefit(s) from it. You can't use it or receive the benefits of it and then later decide to disclaim it.

The disclaimer must be in writing by the person doing the disclaiming and it must be delivered to the person in control of the estate or asset, such as an executor, trustee, or custodian.

Usually, it must be either notarized or approved by the court. It's best to contact an attorney.
 

goaliedave

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zero. but if you learn how to use it, the annual fees should enable better vacations for you.

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pedro47

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Sounds liked you have already made up your mind, even before asking the question here?
Your only obligation if you inherited a timeshare will be yearly maintenance fees and club fees.
Plus, normal travel related expenses for your vacations.

WVBaker, gave you some excellent advice/points in his post.

The advice given by other TUGS posters , all have been excellent advice and true. IMHO.
 

Crimsondoll

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Likely $0 unless Disney, Marriott, Hilton, or Hyatt. What TS do you own? In what city? How many bedrooms?
Kissimee Vacation Village at parkway
2 unit with an A & B that can be rented individually, 1 bedroom each with kitchen & living areas. The gentleman who does my taxes says I need fare market value in order file my 2019 taxes.
 

Crimsondoll

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I don't know about other states, but in Maryland, if you receive an inheritance by a will, you can refuse to accept it however, you must refuse it by "disclaiming".

Should you do so, the disclaimed item(s) pass to the next beneficiary in line.

Keep in mind that disclaiming is a permanent decision. You can't change your mind so, think about it carefully. Do it only if you think it's best financially. Also, there specific rules and steps to complete a disclaimer.

There is a time limit. In Maryland it's within 9 months of the person's passing or nine months after you turn 21 if you’re a minor.

Do not receive any benefit(s) from it. You can't use it or receive the benefits of it and then later decide to disclaim it.

The disclaimer must be in writing by the person doing the disclaiming and it must be delivered to the person in control of the estate or asset, such as an executor, trustee, or custodian.

Usually, it must be either notarized or approved by the court. It's best to contact an attorney.
Thank you
I did not inherit the time share it was purchase while we were married. He was required to turn in the paperwork to have me removed from ownership/responsibility but never sent the paperwork in. I had no idea he did not file the proper paper work and has been paying/renting the time share out all these years. So unfortunately I am stuck with the time share and need the fare market value in order to file my taxes per my accountant.
 

SmithOp

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Kissimee Vacation Village at parkway
2 unit with an A & B that can be rented individually, 1 bedroom each with kitchen & living areas. The gentleman who does my taxes says I need fare market value in order file my 2019 taxes.
Very unlikely you will realize a capital gain on the sale of a timeshare, and a loss is not deductible, so FMV is going to be whatever you can sell it for. Its not going to be a taxable event for you since if it was rented you never received any of that money.

Have your tax guy read the advice article here, written by a CPA.


https://tug2.net/timeshare_advice/income_taxes_and_timeshares_from_an_accountant.html


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pedro47

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SmithOp, has given you a very important article to read and to share with your accountant from this website. However, I feel there are to many unknown issues for anyone here to help you. Your accountant should be familiar with losses and capital gains IMO.
 

Eric B

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OP might get a decent basis to support estimating a fair market value by looking at what a Vacation Village at Parkway 2 BR lockout is going for at https://tug2.com/timeshare-classifieds/search/results.aspx?For-Sale-Florida-Gulf-Coast/Orlando-Orlando-Area&ResortArea=4&ResortGroup=12&ForSale=True#. These are not sales, of course, but show what people are willing to take for such a week (e.g., $5 in payment, while paying the closing costs of ~$200 and the 2020 maintenance fee of ~$792, for a total outlay of ~$987 to get rid of it). Of course, there's always TimeShare Nation, where the price paid by the acquirer, which is really a better measure of the fair market value is always $0. Right now they have about 25 listed at https://docs.google.com/spreadsheets/d/1Drg71NVXGz8jKbq8h9TAwLw1CxRCdLAZ1j8upwjTXic/.

For actual sales, eBay allows searching of closed or sold listings; I didn't look but would guess they would all be ~$1, but include closing costs.
 

HudsHut

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Welcome to TUG.
Here's a couple (of many) which sold for $1 on ebay. It would have been the same at 5/7/19.
VV@P may have cost several thousand dollars when you purchased it, but it has 0 to negative resale value now. (You would likely have to pay an incentive to the buyer to take it.)
https://www.ebay.com/itm/VACATION-VILLAGE-AT-PARKWAY-KISSIMMEE-FL-ANNUAL-WK-21/254396170538?hash=item3b3b31812a:g:2DAAAOSwu~FdZvVV

https://www.ebay.com/itm/VACATION-VILLAGE-AT-PARKWAY-WEEK-31-UNIT-12108-ANNUAL-USAGE-92-500-RCI-POINTS/153619394904?hash=item23c46df158:g:3IAAAOSw9s9dJoip
 

Mouseowner

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I don't know about other states, but in Maryland, if you receive an inheritance by a will, you can refuse to accept it however, you must refuse it by "disclaiming".

Should you do so, the disclaimed item(s) pass to the next beneficiary in line.

Keep in mind that disclaiming is a permanent decision. You can't change your mind so, think about it carefully. Do it only if you think it's best financially. Also, there specific rules and steps to complete a disclaimer.

There is a time limit. In Maryland it's within 9 months of the person's passing or nine months after you turn 21 if you’re a minor.

Do not receive any benefit(s) from it. You can't use it or receive the benefits of it and then later decide to disclaim it.

The disclaimer must be in writing by the person doing the disclaiming and it must be delivered to the person in control of the estate or asset, such as an executor, trustee, or custodian.

Usually, it must be either notarized or approved by the court. It's best to contact an attorney.
RIGHT
 

Crimsondoll

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Thank you all so much I truly appreciate your help and will b speaking with my accountant next week Happy New Year God bless
 
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