We Don't Own a Timeshare Anymore!

[LannyPC]

we are no longer timeshare owners...

We decided to buy a...real home

But even though we are no longer timeshare users, I still plan on staying here on TUG and participating...after all it's rather addictive as some of you well know...

What I quoted from you describes us.

We had one (unfortunately bought at a developer sales presentation ). We used it a few times and got a couple nice exchanges. But buying a real home caused us to spend over three times as much on housing (mortgage, strata fees, property taxes, property insurance, etc.) which left us with less money for traveling and less ability to take time off work for traveling.

Besides, we prefer cruises. If we are going to do the TS ting, we'll probably just rent.

 

[bogey21]

We decided to buy a second real home, so just before Christmas we made an offer on a townhouse in Las Vegas (short sale, still in process, owner accepted offer, just waiting for the lenders bank to accept it).

I wish you success. I have a friend in LV (a cash buyer) who has been in your position many times and has had 7 of his last 10 short sale purchases fall through. I think a lot has to do with the lender involved. If it is BofA, good luck.

George

 

["Roger"]

Another person who sold our timeshare, but has stayed on TUG.

Never regretted owning the timeshare. I kind of liked the serendipity of timesharing. Rather than, for example, picking out where we would wanted to go in England, we went where there was a good timeshare available. Had some wonderful trips that way.

It got to the point, however, where timesharing was interfering with other trips that we wanted to take so we sold.

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One comment about Rick's (the OP's) original message. I got the sense that you think that you have signed the final papers and now it is all done and over.

Not quite. It won't be fully over until you fill out next year's income taxes. I realize that you did not make a profit and cannot take credit for a loss, but the advice is that you should report the sale. Great fun trying to figure out how to do this on TurboTax. (I did not want having to go to an accountant to complete my taxes be an additional sales expense in selling our timeshare.) Took a while to figure out how, but TurboTax did handle it.

 

[bogey21]

Whenever I made a profit selling one of my Weeks I made sure to always put it on my income tax. If there was a loss, I only put it on my income tax if a 1099 was filed and I made sure not to deduct the loss. This may or may not have been proper but I did avoid issues with the IRS.

George

PS I did it all using Turbo Tax with no problems

 

[ricoba]

I wish you success. I have a friend in LV (a cash buyer) who has been in your position many times and has had 7 of his last 10 short sale purchases fall through. I think a lot has to do with the lender involved. If it is BofA, good luck.

George

Thanks for the good wishes George.

But perhaps you didn't notice, this thread is 2 years old. We closed on the house in May 2011 and I am writing this reply from this house. We were fortunate having bought at almost the very low in the market and have seen good appreciation already.

 

[ricoba]

Another person who sold our timeshare, but has stayed on TUG.

Never regretted owning the timeshare. I kind of liked the serendipity of timesharing. Rather than, for example, picking out where we would wanted to go in England, we went where there was a good timeshare available. Had some wonderful trips that way.

It got to the point, however, where timesharing was interfering with other trips that we wanted to take so we sold.

.

We too enjoyed timesharing and I do miss it from time-to-time. But we feel we did the right thing for us and have enjoyed having a home-away-from-home, here in Las Vegas.