DVC and income tax

[karebear06]

We bought dvc resale last year with our line of credit. How do we report that?

 

[RobDoc]

Check with your tax advisor - but in many cases, the interest paid on a Home Equity Loan will be deductible on your taxes. There may be situations where it won't apply, so be sure to check with your personal tax advisor. You may also be able to deduct the property tax portion of your annual dues.

Good luck!

 

[karebear06]

Should we have received anything from dvc/Disney?

 

[erionm]

You will have to rely on your annual dues statement to get the property taxes paid if you are able to deduct those. You will not get any other documents related to the property taxes.

The only tax forms actually mailed by Disney would be a 1098 for mortgage interest if you financed with them.

 

[Dean]

Should we have received anything from dvc/Disney?

The RE taxes are also deductible. DVC doesn't send out a 1098 on it but you can get it from the dues info sent out in Dec or you can email or call and they can give you the info. If you financed using a HELOC, DVC won't be involved. If you had financed through DVC, you would have gotten a statement on interest paid which you can often deduct the interest assuming you don't have a second home you're deducting already.

 

[CarolA]

Just a note... it's hard to tell what OP means by "line of credit"

In order for the interest on DVC (or a line of credit) to be deductible it generally MUST be secured by a real estate interest. That's why you can't deduct interest from the loans offered by the board sponsor or if you use your credit card to pay.