Timeshare donation is a consumer relief strategy that allows timeshare owners a legitimate way out of their timeshare ownership. The concept of timeshare donation is less than ten years old, but gains popularity each year as the timeshare resale market continues to falter. In recent years,[when?] due to a severely depressed timeshare resale market owners looking to sell their timeshare have little success. Timeshare owners also face a myriad of unscrupulous timeshare listing companies looking for large up-front fees with the promise that their timeshare will soon be out of their name.[1] Typically the listing company cannot sell their timeshare, nor do they have an incentive because they can collect another listing fee after the original listing contract expires. For many timeshare owners, trying to sell their timeshare becomes a vicious cycle of broken promises, high fees, and little to no interest from buyers. According to the Florida Attorney General’s Office, timeshare owners are also especially vulnerable to timeshare resale scams.[2] Ultimately, many owners look to simply give-away, or donate their timeshare to a willing party because their timeshare investment has become a liability.
This section contains instructions, advice, or how-to content. Please help rewrite the content so that it is more encyclopedic or move it to Wikiversity, Wikibooks, or Wikivoyage.(February 2024)
Sale to relative or friendedit
A relative or friend of the owner might make good use of the timeshare. This method commonly involves selling the timeshare for $1 and proceeding with the formal transfer of title, typically performed by a timeshare closing and escrow company.
Donation to a charityedit
Some charities accept timeshare donations.[3] A few charities are able to utilize timeshare weeks to generate revenue, by renting them to donors, or offering the vacation week for auction at a charity event. However, most charities are unable to take on deeded ownership of a timeshare, so they opt to sell the timeshare. If a charity sells the timeshare and keeps the proceeds as a donation, the donor is then entitled to a tax deduction.[4]
Many large charities in the United States, such as United Cerebral Palsy[5] utilize a third-party to receive and process timeshare donations. If a donor's timeshare donation is accepted into their particular program, the donor will receive a tax receipt for income tax purposes, along with additional info on how to process their charitable tax deduction. Donors can take the deduction if they itemize their taxes, and can utilize it on both federal and state returns.
Timeshare properties worth more than $5,000 need a written appraisal in conformity with IRS standards. Publication 561 provides details on the form of written appraisal and the additional paperwork that needs to be attached to the return to secure the deduction.[6]
Referencesedit
^"The Top Ten Online Scams". Better Business Bureau. July 19, 2011. Archived from the original on July 19, 2012.
timeshare, donation, examples, perspective, this, article, represent, worldwide, view, subject, improve, this, article, discuss, issue, talk, page, create, article, appropriate, november, 2011, learn, when, remove, this, message, consumer, relief, strategy, th. The examples and perspective in this article may not represent a worldwide view of the subject You may improve this article discuss the issue on the talk page or create a new article as appropriate November 2011 Learn how and when to remove this message Timeshare donation is a consumer relief strategy that allows timeshare owners a legitimate way out of their timeshare ownership The concept of timeshare donation is less than ten years old but gains popularity each year as the timeshare resale market continues to falter In recent years when due to a severely depressed timeshare resale market owners looking to sell their timeshare have little success Timeshare owners also face a myriad of unscrupulous timeshare listing companies looking for large up front fees with the promise that their timeshare will soon be out of their name 1 Typically the listing company cannot sell their timeshare nor do they have an incentive because they can collect another listing fee after the original listing contract expires For many timeshare owners trying to sell their timeshare becomes a vicious cycle of broken promises high fees and little to no interest from buyers According to the Florida Attorney General s Office timeshare owners are also especially vulnerable to timeshare resale scams 2 Ultimately many owners look to simply give away or donate their timeshare to a willing party because their timeshare investment has become a liability Contents 1 Methods 1 1 Sale to relative or friend 1 2 Donation to a charity 2 ReferencesMethods editThis section contains instructions advice or how to content Please help rewrite the content so that it is more encyclopedic or move it to Wikiversity Wikibooks or Wikivoyage February 2024 Sale to relative or friend edit A relative or friend of the owner might make good use of the timeshare This method commonly involves selling the timeshare for 1 and proceeding with the formal transfer of title typically performed by a timeshare closing and escrow company Donation to a charity edit Some charities accept timeshare donations 3 A few charities are able to utilize timeshare weeks to generate revenue by renting them to donors or offering the vacation week for auction at a charity event However most charities are unable to take on deeded ownership of a timeshare so they opt to sell the timeshare If a charity sells the timeshare and keeps the proceeds as a donation the donor is then entitled to a tax deduction 4 Many large charities in the United States such as United Cerebral Palsy 5 utilize a third party to receive and process timeshare donations If a donor s timeshare donation is accepted into their particular program the donor will receive a tax receipt for income tax purposes along with additional info on how to process their charitable tax deduction Donors can take the deduction if they itemize their taxes and can utilize it on both federal and state returns Timeshare properties worth more than 5 000 need a written appraisal in conformity with IRS standards Publication 561 provides details on the form of written appraisal and the additional paperwork that needs to be attached to the return to secure the deduction 6 References edit The Top Ten Online Scams Better Business Bureau July 19 2011 Archived from the original on July 19 2012 How to Protect Yourself Timeshare Sales amp Resales Florida Attorney General s Office The Timeshare Trap CNN April 3 2002 Get Rid of your Timeshare without paying upfront fees or being scammed Timeshare Users Group UCP Donate Your Timeshare Archived from the original on 2012 05 01 Retrieved 2012 05 07 Charitable Contributions PDF PDF IRS Retrieved from https en wikipedia org w index php title Timeshare donation amp oldid 1204220485, wikipedia, wiki, book, books, library,
