Interesting article that promotes Donate for a Cause..

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

Getting Out of a Timeshare - :: Cincinnati news story :: LOCAL 12 WKRC-TV in Cincinnati

Interesting article, primarily because of this particular owner's statement that she owns three, and loves one! But wants to get rid of the other two as she doesn't use them..

The story mentions a postcard company offer to take them for $2,400- but doesn't pass judgment on it.

The reporter then promotes the American Kidney Fund (which in reality just solicits for Donate for a Cause) and then Donate for a Cause itself..

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

Donate Timeshare

I own a Bluegreen TS that I'd like to get rid of. Can't give it back, and haven't been able to sell it, so I thought maybe I could give it away or donate it to charity. I've been in touch with a couple of places:
1) I called Resort Closings and they offered Donate for a Cause at a cost of $1895 which includes an appraisal + $950 transfer fees. They said with that I would be able to take an IRS deduction for 80% of the purchase price + the $1895 fee + $950 transfer fees + $595 maintenance fee for 2011.
2) I contacted Community Health Training via email and they offered to take it for a $500 fee plus closing costs of $300 thru Trejesto or $350 thru Resort Closings, and I would get a $5000 IRS deduction, or for an additional $500 fee they would give me an appraisal of a higher value.

Can you offer any insights or direction?

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

You can offer it free on our freebie forum or look at our classifieds for the Progressive ad which will liquidate it (if possible) for a fee (only if sucessful).

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

I own a Bluegreen TS that I'd like to get rid of. Can't give it back, and haven't been able to sell it, so I thought maybe I could give it away or donate it to charity.

It's a $450 transfer fee with Bluegreen, so I would definitely not go for the first option you listed. I have heard some real horror stories about groups that claim to be taking timeshares for charity and would not do that without very carefully researching the organization first.

I would list it here or at TUG for free with the buying paying transfer fees. I would also mention it here in the Bluegreen sub forum and perhaps at the Yahoo Bluegreen group, since there are people there in the market if you don't owe anything on your points.

And I would talk to family -- with Bluegreen, if you sell it resale, whoever buys it basically gets just the points and an RCI membership. But if you transfer ownership to someone in your family, they will have bonus time and the other perks that you get direct from the developer. If no one wants it then that doesn't matter, but sometimes people do want it, especially if you just want to get rid of it and they wouldn't have to pay upfront.

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

2) I contacted Community Health Training via email and they offered to take it for a $500 fee plus closing costs of $300 thru Trejesto or $350 thru Resort Closings, and I would get a $5000 IRS deduction, or for an additional $500 fee they would give me an appraisal of a higher value.

Can you offer any insights or direction?

Watch out for that IRS deduction as it may be challenged by the IRS. There are forms you need to have---do a search of the forums for details.

[T. R. Oglodyte Moderator Find all posts View Profile Close T. R. Oglodyte]

I own a Bluegreen TS that I'd like to get rid of. Can't give it back, and haven't been able to sell it, so I thought maybe I could give it away or donate it to charity. I've been in touch with a couple of places:
1) I called Resort Closings and they offered Donate for a Cause at a cost of $1895 which includes an appraisal + $950 transfer fees. They said with that I would be able to take an IRS deduction for 80% of the purchase price + the $1895 fee + $950 transfer fees + $595 maintenance fee for 2011.
2) I contacted Community Health Training via email and they offered to take it for a $500 fee plus closing costs of $300 thru Trejesto or $350 thru Resort Closings, and I would get a $5000 IRS deduction, or for an additional $500 fee they would give me an appraisal of a higher value.

Can you offer any insights or direction?

You have no tax deduction available to you.

When you donate something to a qualified charity, you are entitled to claim the Fair Market Value, which is what you could sell it for, not what you paid for it. For example, if you donate your used car, you can deduct the appropriate blue book value, not what you paid for it.

In your case, as you've noted you can't sell it. That means that it has zero value, and you know it. By getting a bogus appraisal that you know overstates the value, you could expose yourself to significant penalties if the IRS challenges your deduction.