Are There Any Tax Advantages For Dvc Members

[twinx4]

I was wondering if there are any tax advantages for dvc members. I am seriously considering becoming a member and more than likely before this month is up I will be a DVC member. But since it is tax time, I was wondering if there were any tax breaks/advantages to DVC members.

 

[Caskbill]

If you itemize deductions, then the property taxes section of your dues will be deductible.

If you financed the purchase, then any finance charges you pay are most likely deductibe. To the best of my knowledge, to be deductible would require 3 things.
1. The loan is secured by real estate. If you finance direct from Disney, or use something like a home equity loan, then this would be met. If you finance through some unsecured personal loan, then not.
2. You have no more than 2 loans that qualify. Everyone's main home mortgage would be one loan. Other qualifying loans might be on a log cabin or vacation home somewhere, a fully equipped RV (kitchen/bath/sleeping), or a fully equipped Boat, or another timeshare purchase somewhere else that already qualifies.
3. You must itemize your taxes (Schedule A) and your itemized deductions must exceed the standard deduction to gain any tax benefit.(Otherwise you would use the standard deduction)

The above are general guidelines to the best of my knowledge. I am not a tax expert. Do not consider this to be professional advice. Tax laws change every year and the above may not be current. You must check with your tax consultant (or IRS) if you have any questions.

 

[CarolMN]

.......(snip)....The above are general guidelines to the best of my knowledge. I am not a tax expert. Do not consider this to be professional advice. Tax laws change every year and the above may not be current. You must check with your tax consultant (or IRS) if you have any questions.

If you ever need another job (LOL, ), you could be a compliance officer for an insurance company or a brokerage firm!

Best wishes -

 

[Deb & Bill]

It's a good way to reduce the amount of your net income.

 

[JPC]

It's a good way to reduce the amount of your net income.

Personal expenses are not tax deductible per IRC 262.