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Are you tired of the timeshare week you are obligated to pay maintenance fees on, or just can't afford it? Should you rent it? Sell it? Perhaps doing a timeshare charity donation?
Timeshare charity donation and fair market value
The tax deduction you can receive out of a timeshare charity donation is limited to the "fair market value" of your timeshare.
Fair market value is the price a buyer would pay for your timeshare in the resale market.
Fair market value is not the amount you paid for your week or what the timeshare is selling for at retail prices.
Timeshare charity donation - real value
Most timeshares have a REAL resale value of less than $500.00 USD. Why is this possible when you paid thousands of dollars to own the damn thing? Simply put, timeshares are not financial investments.
A developer pays thousands of dollars in marketing expenses in order to sell one out of every ten customers who walk through the salesroom.
These expenses are deducted from the cost of your timeshare.
Another aspect to take into consideration is that there are around 600 people looking to sell their timeshares for every person interested in purchasing a timeshare in the resale market.
Therefore, as you can see, timeshare resale becomes a difficult task. If you check for prices on internet sites such as eBay or RedWeek, timeshare are being sold for $1 Dollar commonly.
Timeshare charity donation - the economics
Now we know the real value of your timeshare. The question is, How much can you expect to obtain as a tax deduction? Let's say that your week is valued at $350 dollars; if you do a timeshare charity donation, the proceedings will arrive as a tax deduction.
If your tax bracket is 20%, your tax savings will be approximately $70 dollars.
Timeshare charity donation and the IRS
When doing a timeshare charity donation, there are ways to appraise your timeshare for up to $5000 or more, but you run the risk of being audited.
Some timeshare owners inflate the value of their timeshare to obtain a higher tax break.
Doing this constitutes a tax fraud, which can result in criminal consequences.
You and I know how much trouble the IRS can bring into your life, so I don't recommend this venue.
Timeshare charity donation - reason to do it
People wishing to perform a timeshare charity donation should do it on the desire to help a nonprofit organization and the desire to exit an unwanted timeshare, not by wishing to obtain a tax break.
Timeshare charity donation - conclusions
Mexican Timeshare Solutions has received several calls asking for help since timeshare owners that made a timeshare charity donation were audited by the IRS and now they have big penalties to pay (in some cases, the sum is larger than the initial timeshare cost).
We recommend looking around for a company or charity that is not only interested in obtaining a financial gain out of you but also a company that is legitimately interested in helping you get out of your timeshare.
If you wish to do a timeshare charity donation of a membership purchased in America, contact Mexican Timeshare Solutions today to explain to you how we can help you get rid of your timeshare in three easy steps.
Best of all, you don't have to pay any upfront fees; MTS gets paid until you are free of timeshare. This guarantee puts you on the safe side.
Contact Mexican Timeshare Solutions today to get rid of a timeshare purchased in the US.
To receive more information about timeshare charity donations and how to cancel your timeshare, send a WhatsApp to +52 333 239 6589, fill out the contact form, or call us at +1 714 277 3662.
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Al menos yo lo intente , pero por mas que quise jamas pude donarlo , actualmente muchas personas saben que esto de los tiempos compartidos no es una muy buena "inversion" no tuve mas de otra que contactar con personas profesionales para librarme de esa pesadilla , suerte
Imagine paying cash for property in a high-end gated community were you know as long as you own it you'll have to pay taxes and assoc dues on that property. Then, because of the assoc fees and taxes, when you go to sell you find out no one is willing to buy it from you, in fact no one will even take it from you for free. That is what is happening with most timeshares.
What is worse, the developers of timeshares are still out there selling them for big money knowing that once sold they become basically worthless.
What these people did is wrong but what timeshare developers are doing is wrong too.
Timeshare can be sold as real estate, so if they tell you they need an advertising fee or up front fees tell them to take it out of the proceeds. They will hangup when they realize they can't dupe you.
Timeshares have always been a bad buy. But for those who really feel they need one I make one recommendation: Never buy from the developer. Always wait for timeshares to appear on the secondary market, usually at half-price. People like you get excited at the new developments and jump right in, only to become disillusioned later and dump the property onto the secondary market, at a loss, for a patient, informed buyer to take advantage of
I had a horrible experience at Mayan Palace!! Not only was the presentation 3 hours (promised 90 minutes), but they DID NOT give us what they promised for going. They offered a 4 night paid vacation, and we got NOTHING. We received what looks like a gift card, and they told us we would just need to call the number on the back to book. When we got back to home and called it was NOTHING. Not a vacation, not a discount for a vacation…..NOTHING. We called and emailed Mayan Palace, and they did nothing about it. They gave us an email address, which we have never got a return email on yet. (several tries). The people on the phone say that is the only way to be helped… they are unwilling to help. Many people have been scammed out of money for attending a Mayan Palace timeshare presentation, so it could have been worse. I’ve been to other legit timeshare presentations, but this one scarred me. DO NOT GO….and if you do, be prepared for some super hard selling. They will change people on you 5 times before you can claw your way out of there
we got sucked into one of their presentations, mostly because of some of the free crap they offered (which they did a really good job of misrepresenting... more on that later) but also because we had no idea what we were in for. fortunately the other couple we'd gone to vegas with was also at the presentation so they put the 4 of us together with one saleslady. we went through the whole thing, did the tour of a "sample" apartment, and then went back to the office so that they could hopefully set their hooks in us and make us sign papers.
I wouldn’t like the idea to be ‘restricted’ to a vacation spot only. If I’d get a timeshare, we’d vacation there only, so that we don’t feel like we have wasted our money. We like to travel a lot and also see different places. Even 1 month abroad cannot be that expensive, if you know how to find an affordable location and plan accordingly.
a mi me gustaria donarlo o venderlo, y como ultima opcion en el caso mas dificil... cancelarlo! hay alguna manera de hacerlo lo mas pronto posible?
it's the best option to get out of a timeshare in my opinion, i'll choose to donate my timeshare always
I am not a tax person, nor do I own a time share. A friend of mine who does own a time share, donates his unused week(s) to Make a Wish. His time share is near Disney and allows a family of 4 to stay for free. He says he then can deduct some of the cost off his taxes.
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