Exchange International

[paigelife Junior Member Find all posts View Profile Close paigelife]

I found a great solution for "losing" weeks, thought I'd share it with everyone. Exchange International is a new exchange company that provide services other than regular exchanges. If you are unable to use your week one year, you can donate it to a charity thru them and receive a tax-deduction. I had an unused week in my bank and I donated it to the American Red Cross thru Exchange International, and I received a tax-deduction for it. Not bad considering I would've gotten nothing had I let my week just expire. I am so far very pleased with my membership with them. I think this company may be the next big hit with timeshare owners!

[bigfrank Administrator Find all posts View Profile Close bigfrank]

I will be the first one to say that your info is false regarding tax deductions BTW is this your site?

[akparsa Senior Member Find all posts View Profile Close akparsa]

Have you no shame?

Seriously.

Plus, we're not stupid here.

[paigelife Junior Member Find all posts View Profile Close paigelife]

No it is not my website, I am a member of theirs. And it is possible. I donated my week thru them to the Red Cross and they gave me a 501c3 receipt, in which I was able to put in the "value" of my week for the year and deduct it from my taxes. (the value is determined by a few things)
I'm sorry if you feel this is inaccurate information, I assure you it is not. If you don't believe me check out the company yourself!
I wasn't trying to ruffle anyones feathers here, just wanted to share something useful with fellow timeshare owners...I thought that's what this forum was for!

[tonyg Goomba & Super Moderator Find all posts View Profile Close tonyg]

Sharing incorrect information is not at all helpful.

[Spence Super Moderator Find all posts View Profile Close Spence]

I found a great solution for "losing" weeks, thought I'd share it with everyone. Exchange International is a new exchange company that provide services other than regular exchanges. If you are unable to use your week one year, you can donate it to a charity thru them and receive a tax-deduction. I had an unused week in my bank and I donated it to the American Red Cross thru Exchange International, and I received a tax-deduction for it. Not bad considering I would've gotten nothing had I let my week just expire. I am so far very pleased with my membership with them. I think this company may be the next big hit with timeshare owners!

No it is not my website, I am a member of theirs. And it is possible. I donated my week thru them to the Red Cross and they gave me a 501c3 receipt, in which I was able to put in the "value" of my week for the year and deduct it from my taxes. (the value is determined by a few things)
I'm sorry if you feel this is inaccurate information, I assure you it is not. If you don't believe me check out the company yourself!
I wasn't trying to ruffle anyones feathers here, just wanted to share something useful with fellow timeshare owners...I thought that's what this forum was for!

Seems to be that time of year for charity auctions, I donate a lot of weeks to various concerns, but as a notice and/or reminder:

IRS pub 526 http://www.irs.gov/pub/irs-pdf/p526.pdf
pg8

Partial Interest in Property
Generally, you cannot deduct a charitable con-
tribution of less than your entire interest in property.

Example 2. Mandy White owns a vacation
home at the beach that she sometimes rents to
others. For a fund-raising auction at her church,
she donated the right to use the vacation home
for 1 week. At the auction, the church received
and accepted a bid from Lauren Green equal to
the fair rental value of the home for 1 week.
Mandy cannot claim a deduction because of the
partial interest rule. Lauren cannot claim a de-
duction either, because she received a benefit
equal to the amount of her payment. See Contri-
butions From Which You Benefit, earlier.

[akparsa Senior Member Find all posts View Profile Close akparsa]

I'm sorry my post was rude.

I was out of line. Your post read line you were advertising your business to me, and it was your first post, so I leapt to conclusions and then let anonymity seduce me into using bad manners. I'm sorry about that.

More importantly, by now you realize you have the facts wrong. Just because they gave you a receipt for your donation does not make your donation legally tax deductible. Each time I've donated a week to my school auction, I receive a receipt from them. They either aren't required (I assume) or don't take the time to research the tax law before giving you a receipt.

You, however, ARE required to research your deductions and make sure they're appropriate. Sure, you can claim the deduction...but not legally. I personally have no interest in trying to cheat, nor do I want to leave myself vulnerable to an audit. The tax law is completely and utterly clear on this, to the extent of having one of their examples in the booklet of donations that are disallowed being donation of a usage week.

Unfortunately, this Exchange International site does the give the impression that donation of weeks is an allowable deduction. Bummer for anyone who gets audited based on following their advice!

[paigelife Junior Member Find all posts View Profile Close paigelife]

Thank you akparsa for the detailed info. I am looking into it further. I appreciate you taking the time to inform me of your experience with the donations end of weeks.
Apparently I need to do some more research on all of this.

Thanks again!

[Spence Super Moderator Find all posts View Profile Close Spence]

Have you no shame?

Seems to be that time of year for charity auctions, I donate a lot of weeks to various concerns, but as a notice and/or reminder:

IRS pub 526 http://www.irs.gov/pub/irs-pdf/p526.pdf
pg8

Partial Interest in Property
Generally, you cannot deduct a charitable con-
tribution of less than your entire interest in property.

Example 2. Mandy White owns a vacation
home at the beach that she sometimes rents to
others. For a fund-raising auction at her church,
she donated the right to use the vacation home
for 1 week. At the auction, the church received
and accepted a bid from Lauren Green equal to
the fair rental value of the home for 1 week.
Mandy cannot claim a deduction because of the
partial interest rule. Lauren cannot claim a de-
duction either, because she received a benefit
equal to the amount of her payment. See Contri-
butions From Which You Benefit, earlier.

Thank you akparsa for the detailed info. I am looking into it further. I appreciate you taking the time to inform me of your experience with the donations end of weeks.
Apparently I need to do some more research on all of this.

Thanks again!

Seriously.

Plus, I provided detailed info/references?

[akparsa Senior Member Find all posts View Profile Close akparsa]

Interesting listings on this site

I was browsing the listings on this Exchange International site yesterday trying to get a feel for it. The Fountains, one of my Bluegreen resorts which is in Orlando, is listed. It is identified as a resort in China.

There are auctions for rental weeks that don't identify the specific week you're supposed to be bidding on.

There is a sale listing for another Bluegreen resort that doesn't even identify the number of points you're supposed to be bidding on.

Yikes, it is very sloppy. I assume they're a little bit tidier in the collection of the $295 membership fee

And yes, they do explicitly claim that you'll get a tax deduction for donation of USAGE of a week of timeshare. Quote from their website below.

"Those at the receiving end of your generosity will appreciate the simplicity and ease of the tax-deductible donation of your banked weeks or points." Donations | Exchange International

Whether out of ignorance or malicious intent, it is impossible to tell, but I do feel sorry for the people who might get audited as a result of following this bad advice.

Anita

PS - Spence, sorry I got credit for your work And I mean it. Seriously.

[paigelife Junior Member Find all posts View Profile Close paigelife]

Thank you Spence for the detailed info.
Its appreciated.

[bigfrank Administrator Find all posts View Profile Close bigfrank]

No it is not my website, I am a member of theirs. And it is possible. I donated my week thru them to the Red Cross and they gave me a 501c3 receipt, in which I was able to put in the "value" of my week for the year and deduct it from my taxes. (the value is determined by a few things)
I'm sorry if you feel this is inaccurate information, I assure you it is not. If you don't believe me check out the company yourself!
I wasn't trying to ruffle anyones feathers here, just wanted to share something useful with fellow timeshare owners...I thought that's what this forum was for!

I like to set things straight, Would you like to change your post regarding owning this site?

[Timesharelawman Junior Member Find all posts View Profile Close Timesharelawman]

Frank

Have you taken a look at Exchange International lately? It may be worth a few minutes of your time to review EXACTLY what we do. I know that we spoke before and you stated that if we advertised with you or put a link on our site to yours you would "let" us post. Its amazes me that when a service that provides owners of timeshare a way to offset fee's AND provides a vehicle to which monies can be returned from non performing rental / resale companies that the extent of your advice is to simply ignore the companies request for fair treatment.

As far as the donation platform EVERY persons financial situation is different therefore the tax advice offered is perspective depending on what the CPA considers the value of the "gift" or "donation". I understand that you pasted the hyperlink to the IRS code to be helpful, but only a true tax specialist or CPA can provide tax advice to individuals on a case by case.

Please advise

[kcbedo Member Find all posts View Profile Close kcbedo]

... only a true tax specialist or CPA can provide tax advice ...

Oh I see, so you're a CPA?

Your website says: "make tax-deductible donations to many of the nation’s most respected charitable organizations"

This is clearly misleading. The tax law isn't that complicated on this matter. It is ONLY tax deductible if you operate your timeshare ownership as a business, and the deduction is ONLY to offset your rental income. Implying that anything else is legal is NOT correct. (Ask a CPA. )

[akparsa Senior Member Find all posts View Profile Close akparsa]

Irs

This thread reminds me that I need to follow up with the IRS. I hope they've found the time to investigate my March complaint regarding this company's misleading claim regarding the donation of use of a timeshare being deductible.

It was well-written, thoroughly documented, and rather persuasive.

I wonder what the fines are for such misrepresentation. Fletch, do you know?

Anita