Do we get Mortgage interest statements from DVD

[KennyK]

This is my first year as a DVC member and since it is now income tax time. Does DVD send us Mortgage interest statements (IRS form 1098) for the interest you have paid during the year.

I'm getting ready to file my taxes and need this info to complete the forms.

Will be going on our first DVC trip to BWV in 15 days.

We are VWL owners.

Thanks in advance for your answers.

KennyK
Nesconset, NY

 

[PamOKW]

I saw something about this today on the member site. They said they will be mailed by Jan. 31.

 

[DVCDAVE]

PAMOKW is right. The member site says that 1098's are being prepared, and will be mailed before Jan. 31st.

 

[DisneyHumbug]

Got mine today!

 

[EROS]

I thought that it was noted in the dues statement for '02 which I received earlier this month.

 

[slimplaw]

We received ours today too.

 

[Beth]

EROS. Our dues statements reflect the property tax portion of our dues which we've paid - which many members will deduct from their taxes. But for those that actually financed their purchase with DVD - they'll also get a form 1098 reflecting their mortgage interest paid.

I just got mine today - along with my postcard for the sold-out cruse -

woo hoo...

 

[DVCDAVE]

BETH is 100% correct. I am doing my income taxes right now, and happened to take a break and check in on the DIS boards. The Annual Dues Statement we received earlier this month does NOT have any interest summary for the prior year, or coming year. The only usefull information for income taxe purposes on it is property taxes. I happen to have it in front of me right now. I do remember getting a 1098 statement last year, and the member site says they will be mailed before Jan. 31st of this year. I don't need it myself, as I already have a second home, therefore I can't write off, or itemize DVC too.

I have found that you may write off DVC taxes on a federal level, if you itemize. But in CT you can only write off DVC taxes on a state level if you filed a Florida income taxe return, as you must include a copy of that return when you file in CT.

 

[DVCDAVE]

Just got back from the mailbox, and guess what was there...2 1098's one from BWV, and the other from VWL.

 

[ncligs]

Got ours in the mail today (1-26).

 

[DaveH]

Unless they changed the law, they have to be postmarked no later than Jan 31 or if on a weekend the next working day. We recieved ours today(1/26/01) too.

 

[dvc_bwv]

Got ours in the mail today.

 

[Doctor P]

Didn't get ours yet. I'll be watching the mail.

 

[ralphd]

Got ours yesterday in Georgia.

 

[Mousefanz]

We don't own our home - but we own DVC! That's a whole other story...



A friendly question from the "tax info challenged" please..
Because we don't usually itemize do you think it is worth it to do so with our mortage interest on DVC?

Any info is appreciated - pls don't make me go to the IRS site!!

Thanks

 

[rfassett]

Got ours today, too!! 01/28/02

 

[mic_KY_mouses]

DVCDAVE, We are in the same position as you......we own a second home that we rent for income but it has been paid for for years and we don't claim mortgage interest although we claim all rental-associated expensed. I have been wondering if we could deduct our DVC "mortgage" interest and I think the answer is probably no. Do you rent your other property and have you crossed a similar bridge? I plan on asking my tax preparer but wanted other input on the topic. You seem saavy on this subject.

I may end up doing a home equity loan to pay off DVC, which might not be a bad idea anyway since their interest rate is not really competitive with the banking industry on home equity loans.

Thanks!!!

 

[Doctor P]

Got ours yesterday.

 

[DVCDAVE]

MIC_KY_MOUSES;

I will have to defer to your tax advisor. Our 'second home' is actually a 37 foot yacht, in which we have a small mortgage. We don't rent it out, but the mortgage interest outways DVC's so we use the boat's interest as our second home. The IRS tax code does allow boats to be considered homes, as long as they have a bed, stove, and toilet.

I would encourage you to check out though, as it is a very good question. On face value I would probably answer yes to your question as the way I read the IRS publication, the language seems to focus on disqualifying mortgage interest if your second home has a mortgage, and then capping the amounts to $1,000,000 in face for the mortgage, and $100,000 for the home equity loan. Conceivably, you could say DVC is your second home (it has the mortgage), and the other home is a a rental (with no mortgage). Of course the rental property gets itemized on a seperate schedule on your 1040 form. (I also assume you never use the property yourself, as it is rented full time).

What is also interesting in the IRS language is the way it disqualifies mortgage interest deductions for third and fourth homes, but not their real estate taxes. I do deduct the real estate taxes on my home, boat, automobiles and DVC. The Peoples Republic of CT does not allow any deductions on mortgage interest on any property, and will only allow you to deduct real estate taxes if you file a tax return in that state where the property is located. Needless to say, I don't file in FLA, so no deduction for DVC's real estate tax for me on my CT tax return.

In any case, check with a CPA or other tax professional, which I am not.