Counseling of Debt??

[chalee94]

You may also get to deduct a loss if so, rather than have it show up as a "income or gain" come tax time.

bad advice.

selling a timeshares is generally like gambling: if you gain money, the IRS will tax you on the gains, but if you lose money, you cannot deduct any losses.

 

[jlewisinsyr]

You may also get to deduct a loss if so, rather than have it show up as a "income or gain" come tax time.

Definately not correct, you cannot deduct losses on the sale of a timeshare that is sold for less then you paid (or owe).

 

[Jason@dvcstore]

Has anyone ever heard of this before?

We've been trying to sell our contract since April through the Timeshare store but haven't gotten a buy yet. Now we are having trouble making our loan payments.

I called DVC today and the women told me I could sign over my contract to Disney in what is called a Counseling of Debt.

She also mentioned something about tax time and receiving a tax paper from Disney at the end of the year.

I'm so confused. Could someone please explain this to me?

TIA

Please call us at The Timeshare Store, Inc.® and we will let you know what prices comparable properties have sold for recently. This might be a case where you need to do a simple price adjustment.

I wish the best to you to get the property sold.

Jason
jason@dvcstore.com