If you are trying to get rid of your timeshare, you have probably considered the possibility of timeshare donation. Trying to sell your timeshare on your own can take forever and cost you unnecessary time and stress, and using some listing agencies can wind up costing you more than what your timeshare is worth to get rid of in outrageous fees. This often makes donation an appealing option for many, especially since if you choose to donate your timeshare you may receive a tax deduction.
It is important to understand, however, that not everyone can donate their timeshare or receive a significant tax deduction from it. If you are on a points program or some other non-deeded agreement, you may not be able to donate your timeshare at all, and even if you can, the deduction will be very small.
However, if you own your timeshare or use it as a rental property, timeshare donation may be right up your alley. Typically, you can expect your tax deduction to be around $5,000 if the fair market value for the property is that high. If you think your timeshare is worth more because it is in an exotic location or a high-end resort, you will have to get it appraised and provide the IRS with appropriate tax information in order to avoid an audit.
But be wary, it still may require the assistance of a third party company to help you donate your timeshare, and there are plenty of opportunities for these companies to take advantage of your noble choice to donate. They may require steep fees to help you find a participating charity or to appraise its value, yet make no promise to actually be able to help you get rid of your timeshare. Be especially cautious of companies that say you can claim more than $5,000 deduction, and be sure to get a second opinion before filing any papers with the IRS.
We think that donating your timeshare to a charity is a great thing and shouldn’t be a hassle for you or cost you obscene amounts of money. That’s why TimeshareSecrets.com recommends a variety of different timeshare professionals that can not only help you donate your timeshare if it is a viable option for you, but also companies that can accurately and fairly appraise your timeshare to ensure that when you donate your timeshare you get the tax deduction you deserve.
The companies we refer are the most reputable in the industry and work with a variety of resorts and companies that can help timeshare owners get rid of their timeshares without the risk of scams and false promises. These companies provide only honest answers and real assistance, and it is free to talk with them about whether or not timeshare donation is the right move for you.