cash or finance

[ucancallmeflower]

if you finance do you get any tax advantages?

 

[stacy6552]

yes. its real estate.

 

[OlderMan]

You can, generally, deduct any mortgage interest and real estate taxes.

You will get a form (1098?) showingthe amount of any interest paid, but will have to seek out the property taxes on your annual dues statement.

This does NOT constitute tax advice.

Check with your accountant/tax advisor!

 

[abner1776]

You will receive a statement each year from DVC indicating the real estate taxes that you paid as part of your annual dues. If you itemize, then you can claim the R/E taxes on your tax return.

On the interest side (only if financing) you can deduct the interest paid on the loan if you meet the various tests for primary or secondary residence, loan limits, etc. If instead you have a primary residence, a lake house for weekend getaways AND DVC, then you could be out of luck for deducting the interest.

As always...consult your tax advisor.