DVC and taxes

[tammyandtommy]

Hi I am trying to convince my hubby to let me purchase 150 points! Are there any tax benefits with buying into the DVC? Any other benefits aside of what the web site says that might sell him??

 

[ccigliano]

I am no tax expert but I plan to count my property taxes this year. Property taxes at OKW were about 70¢ to 80¢ per point. As far as I know that is it. Maybe we can get a tax accountant to weigh in.

 

[Caskbill]

You can deduct property taxes.

Also, assuming you itemize, and if you have a loan, you may be able to deduct interest (on your mortgage payments.) Certain conditions apply such as the type of loan you have, and do you have other properties (besides your main residence) where you are deducting mortgage interest (such as on a Boat or RV, or other vacation home), or even another loan on your main home such as a 2nd mortgage or a Home Equity Loan.

I think the limit is still 2 mortgages maximum where you can deduct the interest, one of them being your primary residence. You'd need to check with a tax professional or the IRS to be certain your DVC loan interest would qualify.