Couple of questions..

[Maliki2]

Since my DVC person has been super busy, maybe someone can answer these questions for me...


1) What is the cancellation policy. I'm just a bit worried, if we book 11 months out, we usually fly Jetblue, and they only usually post 4 months out on airfaire. So what happens if I book say Sept next year, May the flights come out and we can't get anything decent. Would we be able to cancel our res and book the points?

2) I know he mentioned tax deductions, our contract will be a small 100 pt one. But does anyone have a rough idea on how much we would save on taxes for such a small contract?

Thanks!

 

[dcfromva]

Since my DVC person has been super busy, maybe someone can answer these questions for me...
1) What is the cancellation policy. I'm just a bit worried, if we book 11 months out, we usually fly Jetblue, and they only usually post 4 months out on airfaire. So what happens if I book say Sept next year, May the flights come out and we can't get anything decent. Would we be able to cancel our res and book the points?

The short answer is yes at 4 months out--you can rebook. Depending on your UY (assuming you haven't gone past your banking window), you could cancel and bank your points into the next UY. You could also re-book for different dates within your UY. However, if your new reservation is within the 7month booking period you would be competing against all DVC owners for your reservations--this could impact your satisfaction level with owning a particular property.
If you must cancel within 1-31 days of your reservation, your points go into holding. If you cancel less than 1 day prior to your reservation, all your points for the reservation are forfeited.

2) I know he mentioned tax deductions, our contract will be a small 100 pt one. But does anyone have a rough idea on how much we would save on taxes for such a small contract?
Thanks!

This depends on your tax rate and how much interest you paid.

 

[Maliki2]

The short answer is yes at 4 months out--you can rebook. Depending on your UY (assuming you haven't gone past your banking window), you could cancel and bank your points into the next UY. You could also re-book for different dates within your UY. However, if your new reservation is within the 7month booking period you would be competing against all DVC owners for your reservations--this could impact your satisfaction level with owning a particular property.
If you must cancel within 1-31 days of your reservation, your points go into holding. If you cancel less than 1 day prior to your reservation, all your points for the reservation are forfeited.


This depends on your tax rate and how much interest you paid.

Thanks for the answers.

That brings up another question I forgot to ask, about banking. If Sept is our contract. How long do you have to bank your points before you essentially lose them?

 

[drusba]

You have two issues, cancellation and banking:

1. You can cancel a trip 31 or more days before arrival and points go back into account. If you cancel 30 days or less, all points go into a holding account and they must be used before the end of your use year and can only be used making a reservation 60 days or less out (making it tough to use them).

2. You can bank any or all of your points in a use year into the next on or before the end of your eighth month of the use year. Example: if Feb use year, you have until end of Sep to bank points, after the eighth month you cannot bank.

3. So if you book Sep next year and have to cancel in May you meet the cancellation rule for getting all points back into the account. Banking those points into the next year depends on when your applicable use began in relation to May (as long as it began in Oct or after, you can bank when you cancel)

4. There are tax deductions only for property tax portion of annual dues. I don't know off-hand the portion or percentage of dues that is property taxes but you are not looking at much of a deduction with 100 points. If you finance, you may also be able to deduct interest on the loan.

 

[dcfromva]

Thanks for the answers.

That brings up another question I forgot to ask, about banking. If Sept is our contract. How long do you have to bank your points before you essentially lose them?

You have 8 months after your UY begins to bank your points. Sept UY will be the following April 30th. Even if you don't bank your points by April 30th, your points will not expire until Aug 31st.