Donating Timeshare ?

[welovedisneyx4]

Has anyone heard of donating your timeshare to charity to something like Gifts for Sight? They are working w/ the Eye Birth Defects Research Foundation.

We want to get rid of our timeshare sooo bad!!!!!

 

[mrsstats]

Why dont you just put it on ebay and sell it for whatever you get.

 

[DLANGE3386]

If You Donate It To A Charity They Usually Sell It On E Bay For Next To Nothing

 

[5mins2disney]

I would sell it and then donate any $$ you get to charity if that's what you want to do.

We were approached by a charity last year about donating a week in our home to them. We did some digging, and learned that it's NOT tax deductible for us, UNLESS the charity first "buys" the time from us, then we give the $$ back to them, or something along those lines. Simply donating the time or a stay to the charity is not tax deductible basically, we would be better off just donating $$ to them.

Not sure how similar this situation is, but you might want to look into it.

 

[utahkennedys]

I would suggest putting it up for sale on eBay and then using a reputable closing agency to handle the closing, usually around $300-$400 that the buyer would pay. What may not have value to your family, someone would probably buy!

 

[Lisa P.]

Would you be willing to share the name of the resort, unit size and week # (or # of points)? Feel free to PM me with details if you don't want to post it here.

There's a classified ad section at TUG called Bargains or something like that, where people can post offers to give away their timeshare (or sell for the cost of closing). There are definitely people out there would will be willing to take it off your hands if you simply want to get out from under the maintenance fees and commitment.

 

[Janet Hill]

I would sell it and then donate any $$ you get to charity if that's what you want to do.

We were approached by a charity last year about donating a week in our home to them. We did some digging, and learned that it's NOT tax deductible for us, UNLESS the charity first "buys" the time from us, then we give the $$ back to them, or something along those lines. Simply donating the time or a stay to the charity is not tax deductible basically, we would be better off just donating $$ to them.

Not sure how similar this situation is, but you might want to look into it.

It's not the same. Donating a timeshare is tax deductible; however, it's the FMV when dontated (ie the amount you would have received had you sold it) and not the amount of money you paid for it. Depending on the timeshare owned, the deduction could be very little. I've purchased a few of these donated timeshare myself for very little (<500).

Have you thought about keeping it and learning how to use it to your advantage? The previously mentioned tug site would be a great place for that too. Good Luck!

 

[lastminutemom]

Clark Howard's thoughts on the subject -- stroll to the bottom...

http://clarkhoward.com/shownotes/2004/09/01/index.html

 

[welovedisneyx4]

Thanks for the replies. Sorry I couldn't get back sooner, we are changing internet companies and don't have any service right now and I wasn't able to get to a computer this weekend.

As far as Ebay goes, I will have to look into that more. I was looking the other day, but thought that it said they didn't do that. Any suggestions as to where on ebay to look? I am not very familar w/ it.

I have just joined TUG. (I actually found this donation site when I was on the TUG website) I haven't looked at the Bargin part yet, but I will. I just see so many out there, that I don't have a lot of hope in selling it.

It would be great to sell and make some profit (it is paid for), but I see the market being saturated and like I said, don't have much hope.

We got sucked into the timeshare when we went on our honeymoon. We did the tour to get free Sea World tickets and ended up w/ the timeshare. We fought the good fight (We own at Westgate), but they got the price down so low and had us w/ an 1 bedroom, every other year, so we took it. We then upgraded to a 2 bedroom, every year. It is great when we go to Disney, but that only happens every 2-3 years and we while we love our condo and the space and features, we want to stay on site as well as try vacation homes, etc. We have tried to exchange it or do getaways w/ II, and have been successful a few times, but w/ the way we travel, it isn't very productive for us.

Like I said, we do like the condo and location and features, but the yearly maintanance fees and feeling like you "have" to stay there if you go to DW, as well as not being able to use it every year have just led us to want to get rid of it.

Thanks again for all the replies and I am open to any other advice and/our thoughts.

 

[Lisa P.]

I've sent a PM with more details, but a 2BR during Food & Wine Festival, possibly Halloween week, ought to sell, even if not for a great deal of money.

Whether it's listed with a highly visible online classifieds site (don't pay more than $25 to ANYONE to list it) or on eBay for a modest price plus closing, you should be able to sell your week within a month or so. You'll need to act reasonably quickly if you want the new owner to have the 2007 week (and pay back 2007 maint fees with closing) because closing can take a couple months, especially with Westgate. On TUG, you can find out more about some of the timeshare closing service companies out there and their fees and procedures. But they can do it all with escrow, contracts, etc.

Hope it works out for you!

 

[spiceycat]

you should find a buyer here

www.myresortnetwork.com

I did - but then Westgate messed it up as usually.

you can do tug

www.tug2.net

and

www.redweek.com

 

[spiceycat]

Would you be willing to share the name of the resort, unit size and week # (or # of points)? Feel free to PM me with details if you don't want to post it here.

There's a classified ad section at TUG called Bargains or something like that, where people can post offers to give away their timeshare (or sell for the cost of closing). There are definitely people out there would will be willing to take it off your hands if you simply want to get out from under the maintenance fees and commitment.

I don't know what you are talking about?

the sighting, distress - are people finding timeshares on RCI or II that they can't use but someone else might (DVC can sometimes be found here).

rentals are on rentals offered.

so please send me a link to this part.

 

[welovedisneyx4]

you should find a buyer here

www.myresortnetwork.com

I did - but then Westgate messed it up as usually.

you can do tug

www.tug2.net

and

www.redweek.com

I am going to give TUG a try w/ selling and I might check out the 1st one you have listed. I will also probably try e-bay.

I wonder if Westgate would give you a hard time for donating it?

 

[spiceycat]

I wonder if Westgate would give you a hard time for donating it?

they don't like the prices that some have gone for - so now they are saying ROFR - well my contract does NOT say that (my DVC does).

the Florida timeshares dept won't help me.

before then I sold it twice and Westgate make me jump through what 10 people before I gave up.

I really hate them.

going this November and telling everyone I meet there - how Westgate treated me....

 

[welovedisneyx4]

I will post my week to rent as well. At least if I can't get rid of it, that will give it more exposure to renting it and covering the maint. fees.

 

[Lisa P.]

Spicey, here's the new TUG Classified Ad beta program. Look for "Bargain Basement Timeshares (TUG Members Only) - Timeshares priced below $25 dollars!!" Pretty interesting.

 

[dtauer]

Anyone who intends to attend a timeshare presentation should view the link above before attending. Based on some of the prices $89, $1 etc. it appears that some of the resales are dirt cheap.

Of course a few do hold their value such as DVC and Marriott, but some of the timeshares available in Colorado and Nevada are being almost given away to anyone who will pick up the maintenance fees.