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Re: WALK AWAY FROM TIMESHARE (by Charles G.):
carries25 wrote:I know first hand that buying multiple timeshare weeks still happen, especially, even in the retail market with Marriott. Some people are going after the Marriott point program where there is significant purchasing power (5 to 1) for people who are savvy enough with their system. For instance, weeks purchased retail at the Newport Coast Villa's can trade their weeks for points every year. Whereas most Marriott Vacation Club resorts can be traded on an every other year basis. In 2004, I met a local resident who lived in the Palm Springs area and wanted a condo in Luguna or Newport Beach to escape the torrid heat of the summer. Rather than pay the $1.5 million for the condo, he purchased 12 weeks in the platinum season at Newport for a fraction of the cost. This is just an example why some people purchase multiple weeks.jons29 wrote:jons29,carries25 wrote:jayjay,We had the same idea, but at the time, retirement was a long way away. It's amazing how time flies! Some people have bought even more than 7 or 9.
You're right about the changes in timeshares. Although Marriott Desert Springs is still worth it to me.
So I'm glad a didn't buy a bundle of TSs. I guess jons29 doesn't under stand about donating and the IRS. Here's one place where the IRS is your friend. hahahahaha
Carrie;
Then fill me/us in, instead of just an LOL. I am fairly well versed in IRS procedures, but maybe you know something I don't. Care to share?
As a PS: We know an individual who owns 19 weeks, all in one location!?!
I don't know more than basic investment deductions and charitable donations. For donations, you can donate something you paid, say $100 in the past, but now it's worth $10,000. The charitable write off is based on the value at the time of donation. You can sometimes get a nice placque with your name on it, or some such hoohaw, at the recipient's home base.
It's always cool to donate collectibles or things of value that have no real value to you, like old stocks and coins that have cluttered up your safe box. Collections of historical items are always good, too.
BTW, at the Desert Springs, there is a guy, possibly dead now, who bought a whole year and lives there year-round. That was in the original offering. Don't know if it happens now.
C.
Chuck