How to get rid of a timeshare you no longer want ....

jons98 wrote:

mike1536 wrote:

jons98 wrote:

I just started to try to sell my timeshare at Palm Beach Shores Resorts in Florida. It is week 34 every odd year. It is a nice resort but we just cannot make the vacations work with our schedules. Along with the deeded week, we also had a "bonus week" every even year which could only be reserved within 45 days of the vacation date. Is this bonus week transferable and of any value in the sales process? Any other advice in selling? Im glad I came here. I just got. off the phone with "Timeshares Only" and they claimed they could sell it for more than I payed for it.... for the one time price of $598. What a rip-off.

============ If your bonus week is from Interval International, then it probably won't be transferable. Did you initially buy from the developer? These "bonus weeks" are used as perks. If you bought resale, the bonus week must've been transferred to you and therefore should be transferable to someone else. As for value (assuming they are Interval International bonus weeks), my personal opinion is they do not have a lot of value because of the 45 day restriction and very limited availability during peak periods. I rarely use the ones I get. Good Luck

Thanks for the replies. Im not sure about where the bonus week came from but we did buy from the resort so I guess I should contact them. I imagine we may hold on to it for another year and try our luck again. RCI has been terrible getting us an exchange for our week. We had an ongoing search for a specific week for a 3 state area and got nothing matched even though we put in the search 9 months ahead. Now this year I missed banking my week so its gone. Vacations really shouldnt be this much of a headache but I guess you live and learn

Like Mike mentioned, you might check out what kind of points you could receive by depositing your 2009 week with RedWeek.com. It doesn't cost you anything to submit a valuation. http://www.redweek.com/exchange/. The earlier you deposit your week the more points you should receive. We don't have many deposits for 2009 yet but if you decide to deposit your week you have up to 3 years to use your points starting as soon as your week is deposited. It's worth a try. But of course if you want to sell your week you would need to keep it as long as the your week was deposited with us or whoever.

Thanks, Marty

gayler5 wrote:

I have a timeshare at a wonderful resort in Orlando. There are people interested in buying it until they find out how much the maintenance fee is!! I've dropped the asking price from $13,000 to $7,500.

Any suggestions? I haven't used the week for this year and I do have a lot of RCI points. For financial reasons I need and want to sell the timeshare by the end of January.

Help!! Also, I'm not that familiar with renting it?

Thanks, Gayle

The world is filled with remorseful timeshare buyers. As a testament, timeshares can be bought on the Internet for pennies on the dollar. There are more people trying to unload timeshares than there are trying to buy the units. The imbalance gives you an idea of the real value of timeshares and why donating your timeshare is a terrific and sensible solution. You can receive a tax deduction of up to $5000.00 without an appraisal and the charity can always use any amount to help them.

Please go to www.trejesto.com to learn more about this wonderful program.

andria wrote:

gayler5 wrote:

I have a timeshare at a wonderful resort in Orlando. There are people interested in buying it until they find out how much the maintenance fee is!! I've dropped the asking price from $13,000 to $7,500.

Any suggestions? I haven't used the week for this year and I do have a lot of RCI points. For financial reasons I need and want to sell the timeshare by the end of January Help!! Also, I'm not that familiar with renting it?

Thanks, Gayle

The world is filled with remorseful timeshare buyers. As a testament, timeshares can be bought on the Internet for pennies on the dollar. There are more people trying to unload timeshares than there are trying to buy the units. The imbalance gives you an idea of the real value of timeshares and why donating your timeshare is a terrific and sensible solution. You can receive a tax credit of up to $5000.00 and the charity can always use any amount to help them.

Please go to www.trejesto.com to learn more about this wonderful program.

andria incorrectly states, quoted only in pertinent part:

>> You can receive a tax credit of up to $5000.00... << =======================================

There is a clear and critically important difference between a tax CREDIT (which is dollar for dollar reduction in one's taxes due and which you certainly *CANNOT* ever get for a timeshare donation) and a tax DEDUCTION. A tax DEDUCTION is indeed possible, if you are fortunate enough to have the timeshare accepted for donation in the first place.

The $5,000 figure cited above is also a bit misleading. More accurately stated, $5k is the "threshhold" of claimed value, above which amount the IRS requires a formal appraisal. Below that claimed value, on the other hand, it's just "fair market value", with no appraisal required, in order to claim a tax DEDUCTION. The net DEDUCTION value depends on your particular tax bracket, but the actual overall reduction in your taxes is likely about 28% of the claimed value of the donated week.

I don't know a thing about trejesto, and I'm certainly all for charitable donation, but I felt compelled to correct these particular (and substantial) misstatements, just so that no one gets all starry eyed about the prospect of timeshare donation by taking the incorrectly stated claim in the post cited above too literally. I'm sure that the post cited is well intentioned, but I am equally sure that it is incorrect and misleading as presently stated.

adahiscout wrote:

andria wrote:

gayler5 wrote:

I have a timeshare at a wonderful resort in Orlando. There are people interested in buying it until they find out how much the maintenance fee is!! I've dropped the asking price from $13,000 to $7,500.

Any suggestions? I haven't used the week for this year and I do have a lot of RCI points. For financial reasons I need and want to sell the timeshare by the end of January Help!! Also, I'm not that familiar wit h renting it?

Thanks, Gayle

The world is filled with remorseful timeshare buyers. As a testament, timeshares can be bought on the Internet for pennies on the dollar. There are more people trying to unload timeshares than there are trying to buy the units. The imbalance gives you an idea of the real value of timeshares and why donating your timeshare is a terrific and sensible solution. You can receive a tax credit of up to $5000.00 and the charity can always use any amount to help them.

Please go to www.trejesto.com to learn more about this wonderful program.

====== If this is a qualified charity, tell us a little more about it. MD

I would love to tell you more about them.

Turpentine Creek Wildlife Refuge (TCWR) is a federally and state licensed non-profit 501(c)(3) rescue facility dedicated to provide a safe haven for unwanted and abused exotic cats. This wildlife refuge is a NO KILL facility that allows the animals in their care the opportunity to live out their lives with dignity in a caring and safe environment.

These animals are sold at fairs and carnivals when they are no larger than kittens. What starts out as a cute and cuddly little 10-pound cub—soon turns into a 500 pound wild animal that is too large to have in your home, cost thousands of dollars yearly to take care of and because of its size can, even while playing, be dangerous. The refuge receive calls weekly to rescue more and more animals. This takes money. They need your support. You can learn more about them by going to: www.turpentinecreek.org ; you can go to their "Donate" tab and see where you can click on "donate timeshare" to learn more about this program.

Thanks again for your interest.

ken1193 wrote:

andria incorrectly states, quoted only in pertinent part:

>> You can receive a tax credit of up to $5000.00... << =======================================

There is a clear and critically important difference between a tax CREDIT (which is dollar for dollar reduction in one's taxes due and which you certainly *CANNOT* ever get for a timeshare donation) and a tax DEDUCTION. A tax DEDUCTION is indeed possible, if you are fortunate enough to have the timeshare accepted for donation in the first place.

The $5,000 figure cited above is also a bit misleading. More accurately stated, $5k is the "threshhold" of claimed value, above which amount the IRS requires a formal appraisal. Below that claimed value, on the other hand, it's just "fair market value", with no appraisal required, in order to claim a tax DEDUCTION. The net DEDUCTION value depends on your particular tax bracket, but the actual overall reduction in your taxes is likely about 28% of the claimed value of the donated week.

I don't know a thing about trejesto, and I'm certainly all for charitable donation, but I felt compelled to correct these particular (and substantial) misstatements, just so that no one gets all starry eyed about the prospect of timeshare donation by taking the incorrectly stated claim in the post cited above too literally. I'm sure that the post cited is well intentioned, but I am equally sure that it is incorrect and misleading as presently stated.

========================================

I would like the opportunity to reply to Ken1193:

It was not my attention to ever be misleading and I appreciate your input to clarify for anyone reading this that there is a difference between “Credit” and “Deduction”. I am not a tax professional and because of this, I used the term tax credit in the same reference as tax deduction. I apologize for not being aware of the difference (because of your reply, I learned something &#61514;).

As for the statement "up to $5000.00" this is a correct statement, it is UP to $5000.00. Many people have paid $10,000 to $30,000 for their timeshare and the IRS allows each individual owner to determine the fair market value for its timeshare donation as a Tax "Deduction". With Timeshares this is nearly an impossible task as there are numerous ways to sell timeshares. You can sell them in an Auction environment, Online, with a walk-in timeshare reseller, newspaper... or there are even resorts that have a list of interested buyers that you can contact, the resale prices of a timeshare can vary by thousands.

*** “Trejesto Title Transfers” (www.trejesto.com) is a closing company that works on behalf of “Turpentine Creek Wildlife Refuge”(www.turpentinecreek.org). We handle the transfer of ownership for the timeshares that are donated to them. We have been closing timeshare for over 10 years. On Donating Timeshares, there are many owners that do not even itemize on their taxes so are never even able to take the tax deduction. What they do gain, is the knowledge that they NEVER have to pay another Maintenance Fee, Assessment or any other fees associated with owning a timeshare. They also have the knowledge that they helped a VERY worthwhile cause. It is a win-win situation and who doesn’t want that.

Again, thank you for your clarification; It was never my intention to mislead.

P.S. I have edited my initial post to say deduction.

Andria

Andria acknowledges, quoted in pertinent part:

>> I appreciate your input to clarify for anyone reading this that there is a difference between “Credit” and “Deduction”. I am not a tax professional and because of this, I used the term tax credit in the same reference as tax deduction. I apologize for not being aware of the difference (because of your reply, I learned something &#61514;). <<

It's good of you to belatedly acknowledge this critical difference and your error, but with all due respect you should be well aware of the details of these tax matters BEFORE posting information in Internet forums for all the world to see. =======================================

Re: >> As for the statement "up to $5000.00" this is a correct statement, it is UP to $5000.00. Many people have paid $10,000 to $30,000 for their timeshare and the IRS allows each individual owner to determine the fair market value for its timeshare donation as a Tax "Deduction". <<

I'm sorry, but I think you're still mssing a critical point here. A professional appraisal is specifically required by the IRS for any taxpayer claimed value over $5k. That was my point in addressing your misstatement --- and it remains my point now in doing so. ONLY below $5k of claimed value (original purchase price is completely and entirely irrelevant) can the owner determine "fair market value" on his/her own without an appraisal. Then (and only then) do the determinants of other listings, other sales, etc. enter into the picture without the IRS requirement for an appraisal.

Again, yours is surely a noble cause, but I respectfully suggest that you really and truly should consult with professionals BEFORE posting this kind of tax law misinformation on the Internet. I'm sure it's not your intention to willfully deceive anyone, but wrong information is still wrong information. It would be much better for all concerned to simply be correct from the outset, at least in my personal opinion.

andria wrote:

“Turpentine Creek Wildlife Refuge”(www.turpentinecreek.org). Andria

Andria, I just want to thank you for posting the url of that most worthy cause. I will certainly keep it in mind when someone here asks about donating a timeshare. I am an AVID animal lover.

www.turpentinecreek.org

Just went to IRS.gov web site and it stated : donated property ,cars timeshare ect. you can deduct the price that property was sold for by charity, in year property was sold, charity is to mail something like a 1099 to the doner for anything over $500

I'm not an accountant. However, I do have almost 13 years of university training completed as a doctor. I only say this to help you accept my ability to research, digest and present data I study.

I've written a rather long article titled Timeshare Donation and IRS Regulation that is way too long to publish here. I took the details of IRS publications, forms and regulations, quoted them and summarized them into an understandable reading sufficient for an attorney or CPA to review but easy to understand for everyone else.

kenr86 wrote:

I'm not an accountant. However, I do have almost 13 years of university training completed as a doctor. I only say this to help you accept my ability to research, digest and present data I study.

I've written a rather long article titled Timeshare Donation and IRS Regulation that is way too long to publish here. I took the details of IRS publications, forms and regulations, quoted them and summarized them into an understandable reading sufficient for an attorney or CPA to review but easy to understand for everyone else.

If you're interested go to http://donatetimeshare.blogspot.com/ to read it.

kenr86 is Ken Rich (who is by his own open admission on another site a retired chiropractor, hence "doctor"). He has already been slam dunked by very well informed and knowledgeable people on TUG and TS4MS, most of whom have forgotten more about timeshare than "Dr'" Rich will likely ever learn in his lifetime.

"Dr." Rich's "tax advice" has been appropriately dismantled, disemboweled and openly ridiculed by corporate CPA's and other well informed and experienced folks "in the know" on those above specifically identified, long established, and well respected timeshare sites.

If you take bad tax advice from a retired chiropractor, you should then also be prepared to deal with the potential IRS consequences --- and I doubt that "Dr." Rich will volunteer to appear with you at your IRS audit. He may have "slept in a Hoiday Inn last night", but that doesn't make him particularly knowledgeable about the real life tax implications of timeshare donation --- not by a long shot. "Dr." Rich recently scurried away from the aforementioned sites with his tail between his legs, actually saying "goodbye" upon doing so. Consequently, please take "Dr." Rich's tax advice with a grain --- no, make that a very big pile -- of salt.

Oh, I almost forgot --- "Dr." Rich will also ultimately want payment of $500 from you to benefit from his particular timeshare donation "wisdom". Cheaper than a PostCard Company, but the game is the same (only this one can get you into trouble with the IRS, which even the PCC's don't do). Proceed with "Dr." Rich and his "timeshare donation tax advice" at your own peril. Forewarned is forearmed.

Personally, I take complex tax advice only from tax attorneys and from CPA's --- not from retired chiropractors seeking to apply "innovative" and subjective interpretations to the IRS tax code and regulations. But your own particular mileage may vary. Do you feel lucky today?

Here's a link to a comprehensive article about the tax aspects of donating a timeshare to charity. http://www.tug2.net/advice/TUG_Taxes_and_Timeshares.htm

The article was written by a very experienced and respected accountant, and is posted at the Timeshare Users web site www.tug2.net

RedWeek.com has a series of articles in the Help area about Donating Your Timeshare to Charity.

http://www.redweek.com/articles/donating-timeshare-to-charity

ken1193 wrote:

kenr86 wrote:

I'm not an accountant. However, I do have almost 13 years of university training completed as a doctor. I only say this to help you accept my ability to research, digest and present data I study.

I've written a rather long article titled Timeshare Donation and IRS Regulation that is way too long to publish here. I took the details of IRS publications, forms and regulations, quoted them and summarized them into an understandable reading sufficient for an attorney or CPA to review but easy to understand for everyone else.

If you're interested go to http://donatetimeshare.blogspot.com/ to read it.

======================================

kenr86 is Ken Rich (who is by his own open admission on another site a retired chiropractor, hence "doctor"). He has already been slam dunked by very well informed and knowledgeable people on TUG and TS4MS, most of whom have forgotten more about timeshare than "Dr'" Rich will likely ever learn in his lifetime. . . . "Dr." Rich's "tax advice" has been appropriately dismantled, disemboweled and openly ridiculed by corporate CPA's and other well informed and experienced folks "in the know" on those above specifically identified, long established, and well respected timeshare sites. . . . "Dr." Rich recently scurried away from the aforementioned sites with his tail between his legs, actually saying "goodbye" upon doing so. . . . Oh, I almost forgot --- "Dr." Rich will also ultimately want payment of $500 from you to benefit from his particular timeshare donation "wisdom". . . . Forewarned is forearmed.

Ken1193,

It appears you don't like chiropractors and dismiss their use of the term doctor. All I can say, is look the word up in a dictionary. 13 years of university training and my multiple degrees qualify me for legal, proper, fair and qualified use of the term doctor. Interestingly, I never hide behind false names or titles. I'm more than willing to tell people my name, which most of those supposed experts you refer to on the TUG were unwilling to do.

Here's another interesting fact. There was NO accountant or CPA that reviewed the information I gave. There was one referred to and I asked that he review it. Unfortunately, for whatever reason he didn't do it. So as for ". . .appropriately dismantled, disemboweled and openly ridiculed by corporate CPA's and other well informed. . ." you can do the same thing I did. Ask those that posted blasts with no references or follow up, other then lame opinion, what their source of opinion was.

I would challenge any reader to go to the material I've written and especially the TUG you mentioned and read the whole thread to see who dismantled whom. Calling something you don't like, haven't bothered to read or research yourself and giving no justification for your opinion in response is the sign of a lame and stilted bias. I'm sorry you seem to have such. I again ask, read what I post and find what's wrong with it. Get a CPA to read it and tell me what's wrong with it.

As for my having ". . . scurried away from the aforementioned sites with his tail between his legs. . ." I suggest you go back and reread my final post. It was obvious that several readers had found that the thread had become more entertaining than informative. I had written all that was necessary and a whole lot more for those wanting the information and had answered EVERY question asked of me (many of the other posters never did answer questions I posed). I said goodbye and didn't scurry ". . . away from the aforementioned sites with (my) tail between (my) legs. . .". There was simply no point in continuing to try to educate those with no desire to learn. I had answered every question. I had given detailed and concise explanations. I had heavily quoted IRS regulations and publications. All of it was ignored with the continued attacks of biased opinions. I simply don't waste my time on idiots. I'm more than willing to give anyone a chance to understand what I'm doing and saying, but once they show their lack of listening, why continue to try to open a closed mind?

Yes there is a $500 fee. Why? because unlike other NPOs that take the timeshare and immediately sell it and keep the money, we don't. In fact, it was all explained on the TUG. That $500 is the only compensation we receive for taking the timeshare. We hold it for 36+ months due to IRS requirements for how we do things. That's what allows us to give a much higher donation credit than the normal NPO which ultimately gives a higher tax refund back to the donor. But I guess, you, like several of the members of the TUG, are willing to work at a loss. In fact, one of them suggested that people should be willing to work for 7 years without pay and then only receive monthly pay from the previous 7 years while they continue to work, without any interest AND be willing to give that up on the whim of the employer. Unfortunately, the NPO I work with, like almost every other person and business I know or have heard of, do require some compensation for their service.

As a final question, what suggestion do you have, or the glorious members of the TUG for that matter have, for those poor souls who have a timeshare, want desperately to get out of it, have tried everything they can to sell it and can't even give it away to any other NPO they've contacted? (Check around. This is far more true than you may think).

We don't try to cheat people. The $500 is clear on our website. We receive nothing until the closing company of the owner's choice actually transfers title to us and they are out of it (unlike paying to list it). If someone comes to us, we are generally the last option they have and we service them effectively and inexpensively at a cost far less than the $3,995 or more some companies charge.

Thank you for the opportunity to respond to soundless aggression.

Dr. Ken Rich

In case anyone reading the above posts is puzzled, as I was, the info posted and debated at "the TUG" can be found at: http://www.tugbbs.com/forums/showthread.php?t=55409&highlight=Rich

Ken Rich states, quoted only in pertinent part:

>> It appears you don't like chiropractors and dismiss their use of the term doctor.<<

I harbor no ill will whatsoever toward chiropractors. You invoked the word "doctor" (which most people will assume means M.D., absent actual clarification) and I have factually and accurately pointed out that you are actually a retired chiropractor. My primary point was (and still remains) that being a retired chiropractor does NOT enable or entitle you to offer complex tax advice of potentially dangerous consequence. For that matter, the same statement would be equally true of a M.D. I have a Master's degree in the sciences, as well as a legal education and degree, but I would certainly never invoke either one of those facts to elicit credibility in tax matters I know little or nothing about, beyond the mere ability to read and subjectively interpret IRS regulations (which is all that you have done). =====================================

>> I again ask, read what I post and find what's wrong with it. Get a CPA to read it and tell me what's wrong with it. <<

With all due respect, YOU are the one making assorted innovative and previously untested claims about IRS tax interpretations. Accordingly, it seems to me that YOU and YOU ALONE own the responsibility to back up your theories. Find your own CPA to back you up and you might then attain some credibility. Meanwhile, I ask the simple question ...."Are you going to appear at the tax audit of those who might subsequently get taken to task by the IRS for accepting your personal tax advice? ===================================

>> As a final question, what suggestion do you have, or the glorious members of the TUG for that matter have, for those poor souls who have a timeshare, want desperately to get out of it, have tried everything they can to sell it and can't even give it away to any other NPO they've contacted? <<

After 20+ years of timeshare ownership experience, I am certainly well aware that for some folks with less than desirable timeshare weeks, resale OR donation can indeed be difficult, sometimes next to impossible. I don't claim for one moment to have a solution to that problem. That clearly stated, the fact remains that you are seeking $500 from a timeshare owner to "take a timeshare off their hands". At least be honest enough to first state that fact right up front, then admit that you are actually proposing completely untested and entirely subjective theories on IRS tax implications --- theories never before advanced by experienced CPA's, tax attorneys, or similar folks with ALL of the credentials which you do NOT possess, yet who have been personally involved in timeshare ownership for decades. Are you suggesting that these people are just "idiots"? Why on earth should anyone believe YOU over the people with both experience AND credentials in an industry in which you possess NEITHER any experience nor ANY credentials whatsoever?

Ken1193,

I thought I made it clear my original posting and first statement was to only use my "credentials" as a basis for understanding my ability to research, etc. I said up front I was not an accountant.

As for proposing ". . . completely untested and entirely subjective theories on IRS tax implications --- theories never before advanced by experienced CPA's, tax attorneys, or similar folks. . ." I would ask you to simply go to the blog yourself and read it for yourself. While doing that, you will find that the majority of the material presented is direct quotation and simple explanation of the IRS regulations and publications. As to how this can be considered untested and entirely subjective when it's what the IRS is saying is difficult for me to understand, that is unless you didn't take the time to actually read it.

As for your question of appearing if the IRS calls. if you reread your post, you'll see my "error" in not think it was a question, but a statement. It has been asked of me before in this forum at http://www.redweek.com/forums/messages?thread_id=12956 by kekouri. I did answer him and will repeat that for you.

"As for your final question, would we be willing to appear if the IRS came calling. Yes, if we were asked. What we do is expressly according to IRS regulations, publications and guidelines. We do not suggest or advise anyone to do anything the IRS would not accept. I would suggest you go to the blog and read the particular article titled "Timeshare Donations and IRS Regulations". It should be very clear for you and anyone else with an interest."

You might, also, be interested in the tone of response to his questions versus yours and reasons for it. I do not hold myself out as an expert. I provide information for people to use, research on their own and form their own opinion on. Should I bring my CPA onto this forum to try to convince you and others? No. I personally don't think it would do any good. After all, you have your own consultants you can ask and get the answer you want. And if that answer differs from mine and our CPA's and attorney's, I believe people with similar agendas like you presented and what was presented on the TUG would attack them as well. The only way you or anyone else will believe what I've researched is to read it yourself, ask your own questions, get it to your own consultants and ask their opinion.

Since you profess the same credibility I do, being capable and experienced in research, I would expect the same level of response. Read and tell me specifically where I'm wrong and provide references as good research should. As to the level of experience in the involved industries, legal, financial and timeshare, since you have no idea of what mine are, and it wouldn't make any difference to you what I said, again, that's not the issue. Read and research for yourself what I've written before you begin throwing it out as completely worthless, unproven, untested, dishonest, a bad idea, etc.

I, again, ask you the question from before. It should be important to many readers here, that are not in that privileged class of prime timeshare owners who can sell, rent or trade without any real problems. What are your suggestions for them? How does someone get out of a timeshare almost impossible to exit through the normal methods usually expounded? Should they pay their money up front, with no guarantee of success for a listing on some web site? As competent and qualified as this site is, what is their success rate of sellers trying to exit such lackluster properties? Why is eBay still completing auctions on timeshares with minimum bids of $1 with no bidders at all? Please help those instead of despoiling suggestions you disagree with and haven't research yourself.

Dr. Ken Rich

Ken Rich states, quoted only in pertinent part:

>> As for proposing ". . . completely untested and entirely subjective theories on IRS tax implications --- theories never before advanced by experienced CPA's, tax attorneys, or similar folks. . ." I would ask you to simply go to the blog yourself and read it for yourself. While doing that, you will find that the majority of the material presented is direct quotation and simple explanation of the IRS regulations and publications. << ====================================

Actually, I have read ALL of your donation related material (on TUG, TS4MS, blog and RedWeek) before responding, and my points remain exactly the same:

1. You are neither a tax attorney nor a CPA and the fact that you are apparently motivated enough to read and subjectively interpret IRS regulations and publications does NOT in any way bestow upon you ANY authority or ANY expertise in tax matters. You have repeatedly failed to indicate that you have ANY endorsement whatsoever of your tax theories from ANYONE with ANY actual expertise in such matters. Would endorsement of your theories from a properly credentialed CPA or tax attorney make any difference? Of course it would. But rather than seek or provide that, you instead attempt (unconvincingly) to shift that responsibility onto the dubious reader. In the scientific method, "proof of claim" doesn't work that way. YOU ALONE own that responsibility --- not the disbelievers who challenge you.

2. I have no "agenda", other than to caution prospective timeshare sellers (some of whom border on desperate) that you are in NO position to be offering tax advice which is NOT advanced or supported by ANYONE ELSE in the tax arena, and among whose numbers are many experienced timeshare owners and users. My offering words of caution, and expressing my own personal belief and opinion that you simply have NO credibility, is not an "agenda". I have very clearly stated already that I do not have a solution for the disposal of timeshares which are essentially worthless in the marketplace. My absence of a solution, however, does not preclude my openly and publicly disbelieving your own personal, subjective and unproven tax theories and interpretations.

In the unlikely event that ANY tax attorney or CPA (or a written IRS opinion) EVER steps forward to endorse your innovative interpretations of timeshare donation tax implications, I will be the first person to humbly and voluntarily stand to be corrected. Frankly, I am quite confident that no such exercise of humility will ever be necessary. Moreover, I think it insults the intellect to ask or expect anyone to believe that you, a retired chiropractor, have "discovered" a timeshare donation solution which professionals employed and working daily in the tax field have somehow just "missed".

I intend no ad hominem attack upon you. I simply and plainly do not find you credible and am openlly saying so. If others choose to buy into your program (literally)that is certainly their prerogative --- and I wish them luck. They may need it, unless you intend to offer to pay all the taxes (and penalties) subsequently imposed by the IRS on deductions disallowed in the course of a tax audit...

Ken1193,

I have never asserted my expertise or authority. Since such honors have been bestowed upon me by yourself and others, I won't take offense to your arguments of such claim. You claim such for me and now retract them. That's fine with me.

Since we differ on who should ask professional advisers to submit opinions to a forum such as this or before personally taking any action, I see no further discussion on that subject. It's simply a difference of opinion as to who is responsible for one's actions.

Since the NPO is in no way able to submit the actual evaluation to the IRS, unless they sell a timeshare within 36 months of receipt by donation, and because it is solely the donor who writes in what they wish to claim, there is no way any NPO or adviser would be held liable and pay such penalties based on the taxpayer's form entries. However, as I said, I would be more than willing to appear, if asked, to support the documentation I've provided. Asking or even thinking any entity should take the responsibility of another taxpayer's actions is asinine. Ask any CPA, tax attorney, H&R Block, etc. the same question and you will get the same answer. Why do you then ask me to do something none of the others would do? Be that as it may, I stand behind what I write and will appear, if asked, to support my assertions.

Now, beyond the above arguments, let me give you an illustration. And please understand we make this plain to all our clients.

Any person who reads the simplest of IRS documentation regarding property donations (timeshares fall under this heading) they will learn that a donation claim can be taken up to $5,000 without an appraisal. It's any claim above that amount that requires an appraisal. At the same reading, in the same publication, it is clear that the IRS considers the actual cash received by the NPO upon resale within 36 months to be considered a "better" indication of FMV. But, if there is no resale within 36 months other means dictated by the IRS must be used and it's much easier and legal for the owner to claim that $5,000 deduction credit. However, if it was resold for $500 that is the limit of deduction credit. This sale triggers the filing of a Form 8282 to the IRS of the sale price. Beyond the 36 months, there is no Form 8282 filed. To avoid having to file this For 8282 the NPO must have given a receipt to the donor specifically stating what actual cash they received and letting the owner know that is the amount they can claim. In actuality, the form is to work both ways. a higher sale price can get a higher deduction for the donor while a lower sale price forces the donor to adjust their donation credit downward. All this is straight out of IRS Publications and Form 8283 itself.

Given the above illustration, which I believe is very reasonable, the difference boils down to how long the NPO holds the timeshare before disposing of it by any means. If it is for $500 within the 36 month window, an owner in a 25% tax bracket would get $125 back on their taxes. If the NPO holds it for 36+ months and takes the $5,000 donation credit, in the same 25% tax bracket, they would get $1,250 back from the IRS. If they deduct the cost of sale from that at roughly $800 total, that leaves $450 in their pocket versus the $125 if it was sold.

Now some further questions. Who is irresponsible and jeopardizing the owner and leaving them open to IRS penalties if they lead the owner to think they can deduct up to $5,000 and then turns around and sells it for $500? It is the LAW that the NPO must file the Form 8282. If the NPO doesn't know about it, who is in error? After all, it's written right on the Form 8283 above the NPOs signature. If they choose to ignore it and hope the IRS doesn't question the sale, who is going to take the liability for tax penalties? Which is doing the disservice to the donor - the immediate reseller or the 36 month holder?

Why don't other NPOs do this? For a lot of reasons. I believe it's mainly due to the fact that they want the donation so they can generate immediate income from it and either don't recognize the law or choose to ignore it. Why then do we charge a fee? Because we don't get any income from the immediate resale other NPOs get. That should be simple to understand for anyone.

Finally, if you really have a desire to continue this discussion, I, and I think others, would actually appreciate your quoting the sections of IRS code I've taken incorrectly and telling me what my error is. I do appreciate your input, especially if it can help me understand IRS tax law better. Unfortunately, trying to argue authority, credibility and opinion have very little to do with the real issues on law most people are most concerned about and interested in. If you've read my treatise on Timeshare Donations and IRS Regulations, please point out to me where I'm wrong so I can correct it. Otherwise, it might be best for others to read and judge for themselves.

Thank you, Dr. Ken Rich

I have a timeshare I want to get rid of. I am new to this site and recieved a phone call from Omega today and decided to research the company. I now know to tell them to take a hike. Anyway, is there a place, not a charity that will take 3 months to process the timeshare, but a place I can just give my timeshare away? Is there someone willing to take it for free? I dont want to pay closing costs but I also dont want to pay maintenance costs again next year. The timeshare is deeded, paid for, week 25 in Ft. Lauderdale. What is the fastest way to get rid of it?