DVC and Taxes

[GhostHostMemories]

Hello
Purchased DVC in 2017. I was told that the property taxes will be deductable. Does DVC send out an official Tax form for taxes paid, or do we just use the Dues Statement as records?

Thanks

 

[piccolopat]

I'm not DVC and so I can't answer your question. I did want to point out that the deductibility of those property taxes may be impacted by the new 2018 tax law. You might want to check with your accountant about this so you have no surprises when you do your taxes next year.

 

[miTnosnhoJ]

If you paid your dues to DVC in 2017, you will receive the tax paid for 2017 on your 2018 dues statement, which you should already have. Otherwise, I would check your closing statement. If your closing statement mentions dues but doesn’t break out the taxes, someone here can give you the per point amount for taxes if you share which resort you own.

 

[GhostHostMemories]

If you paid your dues to DVC in 2017, you will receive the tax paid for 2017 on your 2018 dues statement, which you should already have. Otherwise, I would check your closing statement. If your closing statement mentions dues but doesn’t break out the taxes, someone here can give you the per point amount for taxes if you share which resort you own.

I did get my 2018 Dues Statement. I just wondered if that was enough to give my accountant or if DVC sent out something like a 1098 with the property taxes on it.

Thanks

 

[CraigInPA]

DVC won't send you a 2017 1098 because the previous owner was the registered owner of the unit at the start of the year, and was the one billed for the maintenance fee (which includes the taxes). DVC doesn't know, nor care, if you reimbursed the previous owner for those fees. You'll get one for 2018 in January 2019 because you were the registered owner at the time the maintenance fees were invoiced.

 

[miTnosnhoJ]

I did get my 2018 Dues Statement. I just wondered if that was enough to give my accountant or if DVC sent out something like a 1098 with the property taxes on it.

Thanks

That should be enough.

 

[supersnoop]

I did get my 2018 Dues Statement. I just wondered if that was enough to give my accountant or if DVC sent out something like a 1098 with the property taxes on it.

Thanks

A 1098 would be for mortgage interest. For your home, and if you escrow, your lender may include the taxes they paid on that form, but it’s not going to happen for DVC. For your taxes, you just need a receipt or cancelled check that shows you paid the taxes. The dues bill should be enough for your accountant.

 

[JFox]

The 1098 is available online and the website states it will also be mailed. Printed mine yesterday.

 

[GhostHostMemories]

Thanks all. We closed on the DVC ad the end of 2016, so all of 2017 dues were paid by us. But since we don't have a loan through DVC I don't think we'll be getting anything from them, aside from the 2018 dues statement/receipt for 2017 taxes paid. I'm just going to use that with my accountant.

Thanks again.

 

[iheartglaciers]

I was also wondering this... I closed in early January and reimbursed the seller for 2018 MF. I couldn't find any documents in my online account that records this information. My closing documents don't break out the MF. I bought BWV.

 

[supersnoop]

I was also wondering this... I closed in early January and reimbursed the seller for 2018 MF. I couldn't find any documents in my online account that records this information. My closing documents don't break out the MF. I bought BWV.

Ask you tax advisor if you qualify to write off those taxes. Generally speaking, the person who pays the taxes is the one who gets the write off. You didn’t pay the taxes; you paid the seller who had already paid the taxes. When buying a house, the taxes are detailed on the closing paperwork, which should satisfy the IRS requirement, but that’s not typical of a DVC closing. So, talk to your tax advisor and do what you’d be comfortable defending if you’re audited.

 

[CatNipRules]

Are the property taxes included in the membership dues? Just wondering.....

 

[miTnosnhoJ]

Are the property taxes included in the membership dues? Just wondering.....

Yes.

 

[GhostHostMemories]

Are the property taxes included in the membership dues? Just wondering.....

Yes. If you look at your member sesstatement it will show the breakdown for taxes, reserves, maintenance.

 

[TiggerBouncy]

I always give my end of year statement to my tax person. Us to now, the taxes have been deductible (I don't know what line items and how much they do - it's probably only a couple of dollars).

I don't know what 2018 will do to that.

 

[disneynutz]

New tax law changes for 2018 may wipe away the deduction.

Bill