DVC and Taxes

[rutgers1]

We met with our accountant this evening and he asked us about our DVC and if they charge us real estate taxes, as that would be deductable (I think that was the gist of the conversation). If so, how do we find out how much we are eligible to deduct? Thanks!

 

[ChelleinNC]

You should have received a statement from DVC with that information for your tax return. The simple answer is yes, we do pay real estate taxes.

edit to add: if it's not on your 1098, it should be on your dues statement that you get at the beginning/end of the year.

 

[Caskbill]

Your dues statement will have two things:

1. How much DVC collected for anticipated taxes for the year.
2. What the actual taxes were that were paid to the state.

You can deduct the actual taxes paid. If DVC collected too much, then the difference is credited back to your account, slightly reducing your overall payments for the next year.

If DVC didn't collect enough, then the shortage is collected with the January payment of dues.