DVC and Taxes

[mvndvm]

I've been doing my research about buying into DVC. Hope to take the plunge in the next year or so. A question I have that I've not found answers to is in regards to property taxes. Does MS send you a breakdown of your annual dues so you can report the correct amount on your tax return? Also, does it matter that the property is in Florida and I file my taxes in Illinois? Thanks in advance for any advice.

Regards,
Matt

 

[JKMJ441724]

I have 100 points at SSRS.

My statement says -
Operating Budget $277.14
Capital Reserves Budget $90.77
Property Tax - Estimated $105.18
Property Tax - Actual $101.07

Total Dues Payable $470.26

Hope that helps.

Kim

 

[CMOORE185]

Every December DVC sends you a dues statement for the next year. In that statement will be the estimated property taxes for the next years dues as well as the actual property taxes paid for the current year. I live in Illinois too and you can deduct the property taxes on your federal return for sure, but I am not sure how the Illinois tax return works since I use a tax professional.

 

[chalee94]

I have 100 points at SSRS.

My statement says -
Operating Budget $277.14
Capital Reserves Budget $90.77
Property Tax - Estimated $105.18
Property Tax - Actual $101.07
Total Dues Payable $470.26

Hope that helps.

Kim

the bolded amount would be the deduction on your federal return schedule A.

 

[mvndvm]

Great information, thanks to all!

Matt