Timeshare Donation Dirty Little Secrets

[BocaBum99 Super Moderator Find all posts View Profile Close BocaBum99]

Where's DrKen?

It looks like Andria has taken the superior approach for getting business. I have no idea whether or not Andria's charity is legit, but I can tell you right now that if I had a timeshare that I was going to donate to charity and the two choices were Dr Ken or Andria, Andria gets my timeshare without reservation.

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

Let me ask a simple (rhetorical) question here:

"Why on earth would anyone take tax advice from someone whose (claimed) credentials constitute nothing more than ' I'm a retired chiropractor?' "

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

My ADD does not allow me to wade through a thread like this when I haven't kept up with it but I agree with the politician/pig farmer, that this is great entertainment, reminiscent of entertaining threads of the past OY.

It's nice that we have dispensed with the obligation of proper grammar and spelling.

I would like to add that whatever Trejesto has contributed here (remember that my ADD does not allow me to read lengthy threads all the way through), their charity is for real, and not far from us. I have talked with Trejesto and they have assured me that it is properly regisitered and I am attesting that the charity is really there.

A few months ago I posted information concerning them and their charity both here and OY, with the invitation for those with the desire and ability to verify their charity, taxwise, to do so, and no one has made any critical comments that I have noticed.

If anyone is going to be visiting Branson and would like to go visit their charity, it is an hour or so away, just south of Eureka Springs.

edited for name

[Jya-Ning Silver Contributor Find all posts View Profile Close Jya-Ning]

Let me ask a simple (rhetorical) question here:

"Why on earth would anyone take tax advice from someone whose (claimed) credentials constitute nothing more than ' I'm a retired chiropractor?' "

Um, perhaps he slept in holiday inn? Sorry could not help

Jya-Ning

[Jim McLaren Member Find all posts View Profile Close Jim McLaren]

Um, perhaps he slept in holiday inn?

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

Perhaps it is legal. But it is really iffy.

1. The first issue is how you value the time share. There is a reasonable argument for the way they say they value the timeshare although whether is would hold up in court or not is iffy. I'm not sure what would happen if you went looking for a legitimate appraiser and tried to get values.

2. The real issue is what the heck this company is doing. They are not planning to re-sell the timeshares. If they do, the value for the donation must be reported as what they sell it for. How are they going to make any money by sitting on them?
Are they going to pay the annual fees? If they refuse to pay the annual fees as they describe then the sale could be disallowed as fraud and the original owner could still be liable.

I cannot find this company on any of the charity data bases that I have. So I can't tell if they really have an IRS letter and are really a 501 (c) (c) or not.

3. Also the tax benefits are probably not as much as they claim. Most people don't itemize deductions. So they have a $5000 to $10,000 standard deduction. They have to have more than that amount to itemize. So if you give up the standard deduction of $8,000 and instead you have a $9,000 itemized deduction, you don't get much of a tax refund.

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

Thank you for the support

It seems that while I was in London for a few days, this has been a VERY busy thread.

I really do appreciate ALL the comments - even those I took to task. I was initially given some very wise advice when this began. Essentially, it was pointed out that regardless of what was written, it was creating a LOT of publicity. Thank you one and all for so much more than I could have wished for.

As has been pointed out, the entertainment factor has reached far beyond the informative factor. I've given and quoted IRS regulations. I've conscientiously answered all your questions in detail. I've given far too many opportunities to many of you to provide unsubstantiated and unreferenced opinions. Unfortunately, too many of you have proven my original premise that most of the opinions are worth the paper they are written on in this electronic age.

As such, I bid you adieu. Nothing more can be said than needs to be said. Let those who have an interest in disposing of their timeshares read the thread you have all so kindly extended far beyond what I could have done on my own. After reading, they can decide for themselves which to follow, written documentation or unsupported opinion.

Again, I really do appreciate all you've done for me and hope that further entertainment comes soon to this channel for your further enjoyment.

Dr. Ken Rich

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

We do enjoy a good joke now and then.

[brucecz Moderator Find all posts View Profile Close brucecz]

I include this in this thread because it pertains to part of the idea. I did NOT include in the my initial post or in my first reply because it broaches a different idea that isn't pertinent to the original thread.

Here is just one simple idea of how you can get a much higher price for your timeshare than through "normal" channels. I'll give it step by step summary.

1. Call the local police or city hall in the area of your timeshare and ask them this, "What do I need to do to be legal to park on a public street in a car and put a for sale sign on the top of the car or in it's window?" Get whatever they tell you in writing and do it in preparation for the sale.

2. Find a local escrow or closing company that will accept your information pre-sale and be ready for a quick closing. At the same time, check on the Internet to contact those few companies that will finance or refinance timeshares. Get this all set up in advance before you do the next step.

3. Take your timeshare vacation at either your appointed time or try to exchange it for a peak season week internally within the resort.

4. On your first day of arrival get a car. Since you usually check in during the afternoon or evening have a good nights sleep.

5. The next morning, before people start arriving for their timeshare demonstration sales pitches, park your car across the street with a sign meeting the police or city magistrate's requirements for parking and post a sign saying something like, "Make your best deal and I'll sell mine for $1,000 less!" Make the sign really visible, in colors and interesting.

6. Sit in the car and wait.

7. Some people coming in will stop to see what you're about. Explain to them what you have, and that if they decide to buy, they will have so many days to cancel and get their deposit back. Tell them that if they bring back a completed sale contract and want yours you will sell it to them for $1,000 less than the best deal they got.

8. When someone comes back out, check their contract, negotiate a little more if you need, come to an agreement and get to the closing company and use the finance company if you need to.

9. You sell your timeshare much closer to resort prices, they get their money back and a good deal at the same time.

10. What can the resort do? Absolutely nothing. If they try, you've already established legal permission to be there doing what you're doing. Will they try to throw you out of the resort of give you problem? Look for it and be ready to bring suit against them for liable, threats, discrimination, etc. The likelihood is that they will NOT do anything if you stand up to their complaint to you understanding that you can go after them for a heap of cash if they don't fulfill their contract with you for a relaxing and pleasant vacation experience. Besides, how many people can you turn off toward sales if you sit outside in your car with a protest sign if they do and how much will that cost them? You do have power if you're willing to use it.


How does this pertain? One criteria used by appraisers and the IRS in determining valuation is the ability to sell on the open market. If all you avail yourself of is listing on the Internet, you're in the same leaking boat as everyone else is. If you do the above, you're much closer to what the resort does. Letting the IRS and the appraiser know and understand that you were capable, willing, prepared and planning to do the above gives you an easier ability to argue for a higher valuation.

These are all tactics meant to get you as much for your timeshare as possible.

Enjoy a little vacation.

Dr. Ken Rich

Bruce

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

Dr Ken is busy on other venues now, I got this in response to a long standing for sale ad:

Bidshares user drkenrich writes:
Is 20% of what you paid for your timeshare too low an offer?

This may not be an offer you want, but please consider it as an option if your sale doesn't work out as expected. We can get you up to 20% of what you paid for your timeshare. We are a nonprofit organization that works differently than most. We take title immediately. We don't delay the process to find a buyer for it. In fact, we don't resell it. As such we can get you a higher tax return from Uncle Sam's IRS. Because we don't sell it and keep the money (we hold on to it) we don't get paid from such a sale. As such we do charge a nominal fee for our services, but you get out of your timeshare now and get a nice cash tax return in the process. For more information go to: We BUY timeshares in as little as 30 days. We DON'T list them. Get rid of your timeshare without paying timeshare resellers, timeshare agents, timeshare rental agencies, timeshare web site or trying to sell, rent or exchange your timeshare on your own
Outside of us, if you do consider donating you timeshare you might want to check out what the online encyclopedia, Wikipedia.com, says about it. Timeshare - Wikipedia, the free encyclopedia

Thank you for your consideration.
Dr. Ken Rich

[1950bing Senior Member Find all posts View Profile Close 1950bing]

Let it be known to all !!!!
I,1950bing in NO WAY support this method of getting rid of a timeshare and do not support drk in anyway,PERIOD.

So, no need for anyone to start rumors about where I stand on this issue.

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

Let it be known to all !!!!
I,1950bing in NO WAY support this method of getting rid of a timeshare and do not support drk in anyway,PERIOD.

So, no need for anyone to start rumors about where I stand on this issue.

Guess that ends the speculation that you were one in the same, even though your IP addresses are so similar.

[1950bing Senior Member Find all posts View Profile Close 1950bing]

Now that's the first I heard of that ! That's funny.
See what happens when people assume?

[brucecz Moderator Find all posts View Profile Close brucecz]

Let it be known to all !!!!
I,1950bing in NO WAY support this method of getting rid of a timeshare and do not support drk in anyway,PERIOD.

So, no need for anyone to start rumors about where I stand on this issue.

The below posts 11 through 15 on this string by you and others posters RedOctober and Spence show that your denial is 100% false.

I was not going to post after Spence and cut you some slack but when you flasely accuse me time and time again of starting rumors about you when I quote you shows how you talk out of both sides of your mounth. The big problem for you is that your posts can be quoted and they show that you refuse to take ownership of what you posted when you are proven wrong.

Your crying that people are picking on you is due to your falsely accusing me of starting rumors and your unwillingness to to reply the parts of your posts that quoted many times. You then sling mud to try and hide the parts of your posts that you should be ashamed of.

The first and last sentenaces of your post below to Drkenrich
show your support and thanking Drkenrich. Try to explain away those sentences instead of doing your usaul crying and missrepresenting.

Most of your comments IMHO would left as PM instead of being posted which shows how you can not accept the proof of your mistakes.

Bruce

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1950bing
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Dr. Ken,

Thank you so very much for your good information on taxes and timeshare donations. As we all know,the I.R.S. is one of two things we can not escape while on this earth.

Uncle Sam has done his homework and he knows the actual WORTH of timeshares. If one is looking to get a big tax deduction by donating a timeshare they are only fooling themselves and possibly setting themselves up for penalties and fines. Timeshare is an investment in vacation time only, not profit motivated as in real estate sales. Thinking that a timeshare purchase is the same as real estate is VERY wrong. That is one of the lies that some timeshare salesmen will use in their presentation. Really !

To suggest that one should file a false deduction with the I.R.S. in hopes they will not be audited and it would just go through is not only dishonest, but is against the law ,and subject to fines! We all know we must render unto Ceaser even if we do not agree with Ceaser. The way to change that is by going to the voting booth.

To stoop low and sell a timeshare on ebay for a dollar is a real embarrassment after spending thousands of dollars for the thing. What does that say ? You must have made a poor decision to start with. Who would buy anything if you knew it is possible that your return would only be a dollar?

The sensible process is to sell it on your own knowing that you may incur a loss, as I did. It cost me nothing to sell mine. I listed on a free site and someone contacted me and they paid all the closing fees.

Timeshares are very difficult to dispose of. Some timeshare salesman will tell you that it will increase in value and you can turn a profit. While this possible,by far most will take a big loss. That is another tool they use to hook you into saying yes. Yes folks,this really does happen !

Timeshares are a major purchase and should be thought through. Consider what you are going to do when the time comes that it becomes useless to you.

With informative posts here such as Dr. Ken, it will greatly help people make informed decisions so they then will get the most from their purchase.

Thanks again Dr. Ken


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#12 (permalink) 10-13-2007, 01:00 PM
4ARedOctober
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Be carefull bing....do not fall for his scam or encourage others to do the same and pay the doctor $500.

Do you work for a PCC by chance?


Quote:
Originally Posted by 1950bing
Dr. Ken,

Thank you so very much for your good information on taxes and timeshare donations. As we all know,the I.R.S. is one of two things we can not escape while on this earth.

Uncle Sam has done his homework and he knows the actual WORTH of timeshares. If one is looking to get a big tax deduction by donating a timeshare they are only fooling themselves and possibly setting themselves up for penalties and fines. Timeshare is an investment in vacation time only, not profit motivated as in real estate sales. Thinking that a timeshare purchase is the same as real estate is VERY wrong. That is one of the lies that some timeshare salesmen will use in their presentation. Really !

To suggest that one should file a false deduction with the I.R.S. in hopes they will not be audited and it would just go through is not only dishonest, but is against the law ,and subject to fines! We all know we must render unto Ceaser even if we do not agree with Ceaser. The way to change that is by going to the voting booth.

To stoop low and sell a timeshare on ebay for a dollar is a real embarrassment after spending thousands of dollars for the thing. What does that say ? You must have made a poor decision to start with. Who would buy anything if you knew it is possible that your return would only be a dollar?

The sensible process is to sell it on your own knowing that you may incur a loss, as I did. It cost me nothing to sell mine. I listed on a free site and someone contacted me and they paid all the closing fees.

Timeshares are very difficult to dispose of. Some timeshare salesman will tell you that it will increase in value and you can turn a profit. While this possible,by far most will take a big loss. That is another tool they use to hook you into saying yes. Yes folks,this really does happen !

Timeshares are a major purchase and should be thought through. Consider what you are going to do when the time comes that it becomes useless to you.

With informative posts here such as Dr. Ken, it will greatly help people make informed decisions so they then will get the most from their purchase.

Thanks again Dr. Ken

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#13 (permalink) 10-13-2007, 01:09 PM
1950bing
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I didn't see anything about $500 in his post, maybe I missed it.
I am retired.


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#14 (permalink) 10-13-2007, 01:40 PM
4ARedOctober
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Quote:
Originally Posted by 1950bing
I didn't see anything about $500 in his post, maybe I missed it.
I am retired.

If you read the entire thread you will see what I am talking about.
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Hey at least we own the Evil Empire in the Joe Torre Era (well sort of)


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#15 (permalink) 10-13-2007, 03:10 PM
Spence
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ding Bing

--------------------------------------------------------------------------------

Although Bing's post above is the most agreeable post I can remember from him, he continues to add little. His embracement of Dr. Ken is deplorable. Bing only reads what he wants to read and doesn't understand that everyone here know that TS is not a real estate investment, it is an investment in future vacations. It can work for anyone who tries, even if they paid developer prices. Any newbie on this site will learn these things without Bing.
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#16 (permalink) 10-13-2007, 04:28 PM
Donate@trejesto.com

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

Boys, save it for the playground.