Dues Available For Payment On The Member Website

[disneynutz]

Title says it all!

 

[CarolMN]

Thanks. I looked earlier today and nothing was posted.

Doubt I'll pay mine until February - don't want to be on hold with the hordes calling for early December reservations.

 

[supersnoop]

I'm bunching deductions into this tax year, so I'll try to pay before the year is over. Yes, the property tax portion of your DVC dues might be tax deductible depending on your own situation.

 

[disneynutz]

Thanks. I looked earlier today and nothing was posted.

Doubt I'll pay mine until February - don't want to be on hold with the hordes calling for early December reservations.

I like to pay online and use a CC for the rewards points.

 

[kniquy]

I'm bunching deductions into this tax year, so I'll try to pay before the year is over. Yes, the property tax portion of your DVC dues might be tax deductible depending on your own situation.

So in what situations can you deduct property tax? Is it when you itemize deductions? Does it depend upon what state you live in?

 

[DebbieB]

So in what situations can you deduct property tax? Is it when you itemize deductions? Does it depend upon what state you live in?

It's on federal taxes, you have to itemize deductions. It's considered a second home. I'm not sure if any states allow it on state income taxes, I know PA does not.

I called in my gift cards this afternoon around 4:00, I had about a 10 minute wait.

My local grocery store, Giant Eagle, had a promo in mid-November on retail gift cards. You got $10 in store coupons for every $100 purchased.

I bought $1700 and got:

$170 to use in the store
$3.40 per gallon fuel perks
1700 in Southwest points - used the credit card plus it gave me what I needed for the 50,000 bonus points on a new card.

 

[Belle & Ariel]

I'm bunching deductions into this tax year, so I'll try to pay before the year is over. Yes, the property tax portion of your DVC dues might be tax deductible depending on your own situation.

If they are 2016 dues with 2016 property taxes can you deduct this year if paid early? We could use some extra deductions this year.

 

[drusba]

My understanding is that if you pay the 2016 dues in December 2015, you cannot deduct in 2015 the 2016 property tax portion of those dues. My understanding is that you do not get to deduct property taxes until after they have been actually billed by the government authorities and paid. The dues item for taxes is simply an estimate of what those taxes will be in 2016 and you are simply making a payment to the Association for its later payment of all the 2016 property taxes, of which yours is a small portion of the total for the resort, and thus no one is actually paying any real estate taxes right now and that will not occur until 2016.

It is not really different from having a mortgage on your home and including in the monthly mortgage payments to the lender an amount to be held in escrow to pay property taxes in the future. You do not get to deduct the amounts going into that escrow until the lender actually uses those amounts to pay property taxes.

 

[mikelan6]

I paid using gift cards I bought via Raise / Target. First time ever paying DVC dues. Next year, I'll pay later.

 

[CarolMN]

I like to pay online and use a CC for the rewards points.

I'd prefer to pay online, too. Wish they'd update their system to allow payment options other than a credit card. I use Disney VISA reward dollars to pay part of the amount so that's why I have to call. Pay for the remainder with a rewards cc, though.

 

[bababear_50]

Just paid mine and "ouch" the Canadian dollar being so low has taken a bite out of my Christmas Time Fund. Well they are saying our Canadian dollar could go even lower so at least it's done.
Hugs Mel

 

[supersnoop]

So in what situations can you deduct property tax? Is it when you itemize deductions? Does it depend upon what state you live in?

It's on federal taxes, you have to itemize deductions. It's considered a second home.

Yes, you have to itemize deductions. DebbieB's comment about the timeshare being considered a second home is irrelevant to taxes, since you can always deduct all property taxes that you pay*. If you have a mortgage on the timeshare, then it has to qualify as your second home in order to write off the mortgage interest, and you only get two of those. So, if the loan doesn't meet the definition of a mortgage, if you own any additional property other than your home, or if you own multiple timeshares, you might not be able to deduct the mortgage interest. But you can always deduct the property taxes.

My understanding is that if you pay the 2016 dues in December 2015, you cannot deduct in 2015 the 2016 property tax portion of those dues. My understanding is that you do not get to deduct property taxes until after they have been actually billed by the government authorities and paid. The dues item for taxes is simply an estimate of what those taxes will be in 2016 and you are simply making a payment to the Association for its later payment of all the 2016 property taxes, of which yours is a small portion of the total for the resort, and thus no one is actually paying any real estate taxes right now and that will not occur until 2016.

It is not really different from having a mortgage on your home and including in the monthly mortgage payments to the lender an amount to be held in escrow to pay property taxes in the future. You do not get to deduct the amounts going into that escrow until the lender actually uses those amounts to pay property taxes.

* Property taxes are deductible when they are paid, and by the individual who pays them. Even if you make an estimated payment in advance, you can deduct it. And, if you paid your kid's property taxes for them, then you'd get the deduction, regardless of who owns the property.

 

[kniquy]

I am brand new and just received my member number this week. Where on the member website can you find what the property tax amount is?

 

[DebbieB]

I am brand new and just received my member number this week. Where on the member website can you find what the property tax amount is?

My DVC Membership > Annual Dues > View and Print Statement

 

[quandrea]

When are they officially due?

 

[DebbieB]

When are they officially due?

1/15/2016 but there's a grace period to 2/15/2016.

 

[quandrea]

1/15/2016 but there's a grace period to 2/15/2016.

Thank you. We may let ours ride for a bit.

 

[drusba]

* Property taxes are deductible when they are paid, and by the individual who pays them. Even if you make an estimated payment in advance, you can deduct it. And, if you paid your kid's property taxes for them, then you'd get the deduction, regardless of who owns the property.

If you mean that you can deduct for the estimated 2016 property taxes in 2015 if you pay your estimated dues by December 31, 2015, then I do not believe that is correct. You cannot deduct property taxes assessed in the annual budget except in the year they are actually paid to the taxing authority. In Florida, property taxes for the timeshare are directly assessed to your ownership interest and the management company of the resort is your designated agent for making payment when it becomes due, see Florida Statutes sec. 721.06(d)(2)(h), the same way as a mortgage lender which pays your taxes out of an escrow is your designated agent for payment of taxes on your home. But you cannot deduct until the year in which the management company actually makes payment to the taxing authority. See Publication 530 of the IRS https://www.irs.gov/publications/p530/ar02.html#en_US_2014_publink100011838 ("You can deduct real estate taxes imposed on you. You must have paid them either at settlement or closing, or to a taxing authority (either directly or through an escrow account) during the year.") Moreover, you cannot deduct property taxes if you have no ownership interest in the property being taxed, and thus you cannot pay your kids' taxes and claim a deduction. See IRS Publication 17 https://www.irs.gov/publications/p17/ch22.html ("The following two tests must be met for you to deduct any tax: (a) the tax must be imposed on you, and (b) you must pay the tax during your tax year. ... Generally, you can deduct property taxes only if you are the owner of the property.")
https://www.irs.gov/publications/p17/ch22.html There are tax court decisions that have so held, while ruling the owner of the property can still take the deduction by considering the payment by the non-owner as a gift to the owner. See Lang vs Comm'r, TC Memo 2010-286 http://www.ustaxcourt.gov/InOpHistoric/La5ng.TCM.WPD.pdf

If anyone is considering deducting your DVC property taxes, particularly if considering deducting the estimated 2016 taxes in 2015 by paying your annual dues in 2015, you should likely contact a tax professional for advice before doing so.

 

[supersnoop]

If you mean that you can deduct for the estimated 2016 property taxes in 2015 if you pay your estimated dues by December 31, 2015, then I do not believe that is correct. You cannot deduct property taxes assessed in the annual budget except in the year they are actually paid to the taxing authority. In Florida, property taxes for the timeshare are directly assessed to your ownership interest and the management company of the resort is your designated agent for making payment when it becomes due, see Florida Statutes sec. 721.06(d)(2)(h), the same way as a mortgage lender which pays your taxes out of an escrow is your designated agent for payment of taxes on your home. But you cannot deduct until the year in which the management company actually makes payment to the taxing authority. See Publication 530 of the IRS https://www.irs.gov/publications/p530/ar02.html#en_US_2014_publink100011838 ("You can deduct real estate taxes imposed on you. You must have paid them either at settlement or closing, or to a taxing authority (either directly or through an escrow account) during the year.") Moreover, you cannot deduct property taxes if you have no ownership interest in the property being taxed, and thus you cannot pay your kids' taxes and claim a deduction. See IRS Publication 17 https://www.irs.gov/publications/p17/ch22.html ("The following two tests must be met for you to deduct any tax: (a) the tax must be imposed on you, and (b) you must pay the tax during your tax year. ... Generally, you can deduct property taxes only if you are the owner of the property.")
https://www.irs.gov/publications/p17/ch22.html There are tax court decisions that have so held, while ruling the owner of the property can still take the deduction by considering the payment by the non-owner as a gift to the owner. See Lang vs Comm'r, TC Memo 2010-286 http://www.ustaxcourt.gov/InOpHistoric/La5ng.TCM.WPD.pdf

If anyone is considering deducting your DVC property taxes, particularly if considering deducting the estimated 2016 taxes in 2015 by paying your annual dues in 2015, you should likely contact a tax professional for advice before doing so.

We're going to continue to disagree. Since the vast majority of taxpayers operate on a cash-basis and not an accrual-basis accounting method, taxes are deductible when paid. When you pay your maintenance fees, you have paid your taxes, regardless of when DVC passes it along.

 

[BWV Dreamin]

If you use a Disney Visa to pay the annual dues, is that payment eligible for the 6 mos. no interest promo?