capital reserves question...please help!

[ez]

Hi folks...I'm sorry to say that due to downsizing to one income we had to sell our dvc this year. Now that it is tax time...I need to find out how much of the dues I paid over the years went to capital reserves? I was on hold with member accounting for half an hour only to be told they didnt have my information anymore. She transferred me to member administration who was very helpful...and said member accounting should have retrieved that info for me. She told me my purchase price and the fact that I hadnt paid any closing costs. (so much for my info being gone geeesh)So anyway, can any of yall tell me how much of your yearly dues, on average, went to capital reserves? Hate to wait another half hour on the phone and get the same lady who wont tell me anything! I had 150 points at BWV. I have my 2001 statement and it says that year $85 went to capital reserves. Is this about average? Thanks folks things are tight so everylittle bit will help!

 

[CarolMN]

Why do you need to know about the capital reserves? For taxes?

I'm not a tax specialist, but wonder if you are confusing capital gains (or losses) with capital reserves. Those are two different things.

Hopefully, I'm not just confirming my ignorance of the tax rules, but if so, please ignore this post and color me: blush:

 

[SSRFred]

A portion of our dues is allocated to Capital Reserves. This indeed is added to what we paid in order to calculate the Capital Gain.

You will need to get this information from MS. I wouldn't estimate from 2001. I glanced at the dues increases over the years and it looks like there may have been an assessment(also includable in your basis) in 2006.

 

[Doctor P]

A portion of our dues is allocated to Capital Reserves. This indeed is added to what we paid in order to calculate the Capital Gain.

You will need to get this information from MS. I wouldn't estimate from 2001. I glanced at the dues increases over the years and it looks like there may have been an assessment(also includable in your basis) in 2006.

The rules for timeshares are different than other real estate and are actually quite complex when it comes to the capital accounts. Be careful and consult a knowledgeable tax professional who is well versed not only in timeshares, but ground lease and points based timeshares if you want to be sure.