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For all tax and financial questions- always consult with your own attorney, CPA, or tax preparer. This post, and any subsequent post where others share their thoughts and experience, should not be taken as professional financial advice but rather as suggestions of questions you may want to ask your own tax preparer.
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Can you deduct your timeshare's property taxes? Sometimes..
Check your annual statement to see if property taxes are separated in the billing as a distinct portion of your annual fees. If so, you can deduct them in the same manner as property taxes on your main residence with Schedule A, Line 6.
Additionally, if you sold a timeshare this year, any property taxes you had already paid can be deducted even if you don’t own the property at the time of filing.
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Can you deduct your timeshare's annual maintenance fees? Sometimes...
Generally, if you own your timeshare via a business or use the timeshare strictly as a rental property (you will need to be able to show a rental history and proof of advertising)- you can deduct the annual fees as a business expense. This will, of course, need to be offset with the rental income received.
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Can you claim a loss when you sell your timeshare? Sometimes...
Again- this always relates to a business loss or gain. If the property was owned by a business, or used strictly as a rental property- you may be able to claim the loss.
If the property was owned or used by an individual, the answer is normally no...
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Can you claim a deduction if you paid to donate your timeshare to a 501C charity? Yes, but be very careful.....
You can claim the cash paid to the "charity" as a cash donation (make sure they provide you with a receipt), but often- owners have reported trouble claiming the timeshare value itself.
All claims in excess of $5,000 will require a certified appraisal. You should be aware that the possible tax deduction you claim for the property (you'll file IRS form 8283) is going to be subject to the actual selling price when the property is later sold. The charity must file IRS form 8282 and disclose what the property was sold for. If you claimed too high an amount, you may be subject to penalties in addition to the tax owed.
Most owners report problems when they claim say $2,000. as the value of the property. A year of so later, the "charity" sells the property for $100. and files for 8282. The original owner will now have a difference of $1,900. that will have to be reported to the IRS.
There is an extensive thread devoted to donating timeshares to a charity that contains information about the process and about specific organizations advertising that they accept timeshare donations. You can read that thread by clicking HERE.
My advice to timeshare owners seeking to donate an unused vacation property, is simply to liquidate the ownership on your own- and then donate any proceeds you may have gotten from the sale to the legitimate charity of your choice.