claim dues on income taxes???

[Kupiecb]

Just a quick question, we bought into the DVC last year and I was wondering do I do anything special on my taxes to claim the yearly dues I pay? Can I claim the dollar amount I pay each year? Wouldnt it be just like claiming my property taxes for my home? I am unsure about this and would like to hear how all of you handle this.

Thank You

 

[Granny]

I'm not a tax lawyer (and I don't play one on TV), but you can probably deduct the portion of your dues that is applied to property tax.

When you pay your annual dues, DVD estimates that year's property tax. When you pay the next year, they adjust the prior year to the actual property tax. That's the figure you would use.

I don't think you can deduct the other portions of your dues...but again, I'm not a CPA.

 

[RobnRud]

Our accountant has been using the tax info from our DVC dues for the last two years. Says it is okay to include with other real estate taxes paid.

 

[Kupiecb]

So for example if I payed $500.00 for my annual dues I can claim the whole amount, just like I claim for my property taxes?

 

[DVC-Don]

Only the property tax portion of the dues.

 

[PamOKW]

Just stressing once again that it's ONLY the real estate tax portion. Each year we are billed an estimated amount for the tax and then, on the following year's bill, it will give you the actual amount of the tax paid. This is the number you would use.

As an example, OKW dues for 2002 are $3.2163. The estimated real estate tax is $0.7608. When the 2003 bill comes, the actual real estate tax will be noted. Just wanted to give you a rough idea of how much $$$ we are talking about.

 

[Caskbill]

Just to clarify a little more, for this year's April 15th tax return, the property taxes at OKW were $0.6879/point for the year 2001.

Thus if you had 200 points, you would have paid $137.58 in Florida real estate taxes. This is the amount that can be deducted on your Federal return. This deduction takes place on your itemized deduction Schedule A. For 2001 the Standard Deduction is $7600, so, you would have to come up with $7600.00 in total deductions from all other sources: property taxes, state income taxes, contributions, mortgage interest etc. before it even makes any difference at all. Thus, if you do not itemize, then your DVC taxes do not apply.

But don't forget, if you are financing your purchase, then you may also be able to claim the interest paid to finance as part of your deduction, helping you pass the $7600 floor.

Note: examples are given for a married couple filing jointly.

If you were in the 28% bracket, then this deduction would save you about $38.50 in income taxes.

And finally the disclaimer: I also am not a tax professional. (Just lots of practice over the years). So your situation may differ and you should consult with a tax advisor if you have any questions.

 

[canda]

Go to the Spa and claim that this was a weight loss expense. That we own the properties because of the fitness centers and we use the trip for diet and excersise to loss weight. It is true that most people diet and excersise before vacation, so it should work right. I AM IN NO WAY A TAX PROFESSIONAL. JUST SOMEONE WHO PAY TOO MUCH IN TAXES LOOKING FOR A BREAK. Now that fat people like me can deduct weight loss expenses on taxes, this should work since i try to lose weight before WDW and HHI & VB.

 

[Popie_]

The amount of yearly dues that reflects the Florida Property tax is the only amount that can be deducted. Make sure that you have the statement showing that amount to give to your tax preparer and keep that statement. An audit is not pretty

 

[Kupiecb]

Thank you all for your replies. I do my taxes myself every year but this is the first year I can claim these taxes so I was unsure what portion I was able to claim. You all have been a big Help, thanks.

Only 28 days left until we go!!!!!!!!!