This question was asked on Friday, March 5th, 2010 at 4:36 pm and is filed under Sell Timeshare. You can follow any responses to this entry through the RSS 2.0 feed.
Welcome to Timeshare Cafe!
Timeshare Cafe is a timeshare answer experiment. With the timeshare industry growing everyday, there are timeshare questions - and timeshare answers.
rikkis_playpen
I get asked this question each year, especially when the due date for annual fees inches closer..
My advice is always the same. Instead of going through this process, you may be better served to sell the timeshare (either yourself or via a brokerage) and, then to simply donate your proceeds to the charity of your choice..
While donation seems like a great idea on the surface, many owners have been disappointed with the donation process and the fact that most of the charities will also ask for a large cash donation from the Seller.
When you consider donating a timeshare, you must first be aware that numerous resellers have set up affiliations with various 501C charities, and in most cases they will not accept ownership of a property that does not have a strong resale value.
Also, many timeshare related charities do not actually transfer the property from your name until they have found someone to buy it… In other words, you may still own the property even though the charity agreed to accept it!
Finally, most charities will simply try to liquidate the ownerships as quickly as possible. Often, this may mean that they sell below market to their affiliated reseller- who in turn sells the property again for a profit.
Finally, the possible tax deduction you claim for the property 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 actually sold for. If you claimed more than the charity sells the interval for, you may be subject to penalties in addition to the additional tax owed.
To sell, follow these simple steps.. First- research to discover what a realistic resale price is for your timeshare. Second- advertise in an established venue that provides you with plenty of exposure. Third- insist on a respected third-party closing agent to transfer the ownership to your buyer.
Answer this question.
You must be logged in to answer a question.
Timeshare Question Categories