2017 Taxes

[BcIcemen]

I just purchased in March 2017 and paid full years dues. Does Disney send me a tax statement for taxes paid or is there somewhere I can find it online? TIA

 

[miTnosnhoJ]

Generally you can find the tax statement for 2017 on your 2018 dues statement.

 

[BcIcemen]

Generally you can find the tax statement for 2017 on your 2018 dues statement.

It did not give me a drop down for 2017. I guess I will have to look on my closing statements

 

[miTnosnhoJ]

It did not give me a drop down for 2017. I guess I will have to look on my closing statements

It may have gone to the previous owner. Only one of you can deduct it.

 

[tjkraz]

Sounds like the prior owner may have paid their dues in full at the start of 2017. Then when you purchased the contract, you reimbursed the owner for an amount equal to those 2017 dues.

From DVC's perspective, the dues & taxes were actually paid by the previous owner. That's what they would report to the IRS. The compensation between you and the prior owner was more of a side deal. Not sure if you can take a deduction under those circumstances. Check with a tax professional.

 

[DebbieB]

It did not give me a drop down for 2017. I guess I will have to look on my closing statements

The paper one in the mail should have lines for 2017 estimated and 2017 actual with an adjustment amount.

 

[LisaS]

It did not give me a drop down for 2017. I guess I will have to look on my closing statements

The Actual Property Tax paid in 2017 will be on the 2018 statement. On the members' website, look at your 2018 dues statement. Scroll down to the "adjustments" section. The 2017 Actual Property Tax should be listed there.

As miTnosnhoJ stated above, if DVC considers the prior owner as the one who paid that tax, the figures might not appear on your statement. If that's the case, post which resort you own and someone will be able to tell you the amount per point for the 2017 actual tax for that resort.

 

[LisaS]

From DVC's perspective, the dues & taxes were actually paid by the previous owner. That's what they would report to the IRS. The compensation between you and the prior owner was more of a side deal. Not sure if you can take a deduction under those circumstances. Check with a tax professional.

Are property tax payments reported to the IRS? I didn't think they were.

 

[supersnoop]

Are property tax payments reported to the IRS? I didn't think they were.

No, they are not. This is a case where you need to be comfortable defending your deduction if you’re audited. In the case of reimbursing the prior owner, I believe the IRS would rule that they had the right to deduct those taxes and you would not. That’s one I, personally, wouldn’t want to try to defend. As always, consult a tax professional if you aren’t sure and it makes a big enough difference.

 

[LisaS]

The TurboTax website explains how this works when buying/selling a house: https://ttlc.intuit.com/questions/2...te-taxes-if-i-recently-bought-or-sold-my-home namely, that the seller can deduct the amount of property tax corresponding to the time he/she owned the home. The rest is allocated to the buyer. When a house is bought/sold, there is paperwork that breaks out the amount of property tax allocated to each party, making it easy to defend the deduction if one ever got audited.

By any chance did your closing docs break out the property tax from the rest of the dues reimbursement? If so then you have documentation that shows you reimbursed the seller for the property taxes and I would think you could deduct at least a pro-rated amount from your closing date through the end of the year.