A Legitimate Timeshare Donation Charity

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

I would appreciate it if the powers that be can place this properly, and Sticky-tize it, so that it is saved for posterity.

These people have been around awhile now and seem to be doing an OK job with timeshare donations. They are located in Branson, and the charity is also not far from us, south of Eureka Springs in Arkansas.

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

I have to question their assertion that one can deduct up to $ 5,000 without an appraisal for a timeshare donation.

[Bill4728 Super Moderator Find all posts View Profile Close Bill4728]

I put a link to their website on our "Links" page.

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

Check with your CPA first ! If you are looking to reduce your tax rate by alot don't count heavy on your TS to do it. The IRS knows the real value of TS and most of the time they will fall way below what people think they are worth. You can get rid of it but you will not get much.

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

I have to question their assertion that one can deduct up to $ 5,000 without an appraisal for a timeshare donation.

I think that that assertion is correct, but that doesn't mean you can just claim $4950 with the thought that you won't be audited!

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

That wasn't a factor for us, but I remember a similar statement when we made a donation to The German Language School vis a vis Timeshare Transfer.

I have to question their assertion that one can deduct up to $ 5,000 without an appraisal for a timeshare donation.

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

thaks for sharing links

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

If you are planning on contacting them, it would be interesting to know your ourtcome given the state of the economy and timeshare sales, or lack thereof.

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

Here is another thread with info on several charities

http://www.timeshareforums.com/forum...-work-you.html

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

Charity Deduction Claims are Highly Questionable!

1. The first issue is how do you value the timeshare. Whether it would hold up in court or not is iffy. I'm not sure what would happen if you went looking for a legitimate appraiser/Ebay etc. and tried to get values.

2. Are they planning to re-sell the timeshares? If they do, the value for the donation must be reported as what they sell it for and that would be the deductable amount.
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 then the sale could be disallowed as fraud and the original owner could still be liable regardless of knowledge or intent.

3. Can you find this company on any of the charity data bases? Do they really have an IRS letter and are they really a 501 (c) (c) or not?

4. Most importantly the tax benefits are probably not 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.

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

Make it simple.

Give it away to get rid of it, not to take a tax deduction.

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

Beware of Fraud!

Exactly,
If you can give it away and they transfer the deed and they notify the resort of new ownership and they pay the future annual fees then you are safe.

However, if they do not sell it and do not pay the annual fees they and the original owner could be sued for fraud in civil court by the HOA.

If the corporation accepting the timeshare files for bankruptcy then the bankruptcy court could rule the transfer was made to perpetrate a fraud against the home owners association and then the sale could be unwound and the original owner could find themselves owning the timeshare again with responsibility for all the past, current and future liabilities incurred regardless of the lack of knowledge or intent of fraud by the original owner.

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

Guess I dodged a bullet.

[PDG Member Find all posts View Profile Close PDG]

Timeshare Donations and Bailout

If you want to know the truth about timeshare donations then you should check out www.bigfrankshottub.com . Most of the posts here are from amateur speculators. visit us (link removed by a possible amateur speculator) if you are serious about donating your timeshare. We can even help you out of "undonatable" properties...

1. The first issue is how do you value the timeshare. Whether it would hold up in court or not is iffy. I'm not sure what would happen if you went looking for a legitimate appraiser/Ebay etc. and tried to get values.

2. Are they planning to re-sell the timeshares? If they do, the value for the donation must be reported as what they sell it for and that would be the deductable amount.
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 then the sale could be disallowed as fraud and the original owner could still be liable regardless of knowledge or intent.

3. Can you find this company on any of the charity data bases? Do they really have an IRS letter and are they really a 501 (c) (c) or not?

4. Most importantly the tax benefits are probably not 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.

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

Well, pardon me for being an amateur Mr. First Post Insulting Those Who Have Helped Timeshare Owners For Many Years Without Compensation So You Can Plug Your Own Deal.



I started this thread recommending a valid donation organization and based on the thank yous I have received, it seems to be working just fine!