DVC Tax Docs

[goin3d]

This being my first year as a DVC member I was wondering if any of you have any experience with when DVC usually sends out tax docs for any portions of a DVC membership that were financed? Will these be available on-line at all?

Thanks!

 

[RobDoc]

If you have a mortgage thru DVC you should receive a 1098 for the interest you paid for 2011. Members will not receive anything for property taxes paid thru maintenance fees but should be able to figure that out by multiplying the per point tax rate by the number of points owned for each DVC resort you own.

 

[goin3d]

Thanks Doc!

 

[Kidanifan08]

I got my tax statement for 2011 interest today. We finally paid off our loan in 2011

The annual dues statement has the actual 2011 tax amounts on it.

 

[GrnMtnMan]

Members will not receive anything for property taxes paid thru maintenance fees but should be able to figure that out by multiplying the per point tax rate by the number of points owned for each DVC resort you own.

Where can I find RE taxes paid (per point I assume) at the BLT?

My resale purchase was completed in late December, so I still haven't received all the paperwork yet from DVC. But I know I paid 2012 dues as part of closing.

 

[RobDoc]

Where can I find RE taxes paid (per point I assume) at the BLT?

My resale purchase was completed in late December, so I still haven't received all the paperwork yet from DVC. But I know I paid 2012 dues as part of closing.

You cannot claim 2012 property taxes on your 2011 tax return. The 2012 taxes are estimated ans we won't know the actual amount until next year.

If you did actually pay any prorated 2011 taxes as part of your resale purchase the amount may be broken down on your closing statement. Regardless, if your closing was in December, you likely paid a very minimal amount of 2011 property taxes in 2011. You might want to check to see if you did pay any 2011 taxes. The 2012 maintenance fees (including the estimated 2012 taxes) were not due until 1/15/12 and not late until 2/15/12.

 

[GrnMtnMan]

Thanks. But you answered question 2 before answering question 1.

I'm still curious what portion of dues are attributable to real estate taxes, and where I can find this information.

But thanks for clarifying question 2 (when to deduct RE taxes). I guess this year will be unusual in that my dues payment was made before year end....normally I'd expect to be able to deduct from 2011 taxes since the cash payment was made in 2011...but I guess the way to look at it is I paid DVC in 2011, and DVC will make payment on my behalf in 2012.

 

[RobDoc]

Thanks. But you answered question 2 before answering question 1.

I'm still curious what portion of dues are attributable to real estate taxes, and where I can find this information.

But thanks for clarifying question 2 (when to deduct RE taxes). I guess this year will be unusual in that my dues payment was made before year end....normally I'd expect to be able to deduct from 2011 taxes since the cash payment was made in 2011...but I guess the way to look at it is I paid DVC in 2011, and DVC will make payment on my behalf in 2012.

The property taxes are itemized on the Annual Dues statement. If you didn't pay those fees for the 2011 Use Year, you won't get that statement.

Why would you pay 2012 fees on a resale purchase made in 2011? You were not reimbursing the seller, since they did not pay any 2012 fees and until you are a member you are not liable for the next year's fees. Are you sure that the 2012 annual fees were included in your closing? I suppose you could have been paying the 2011 fees (but usually buyers do NOT pay for the current calendar year of fees with a December purchase). Annual fees ae based on the calendar year regardless what your USe Year might be.

If you did actually pay the 2011 fees, you will be able to see the taxes on the member site or call Member accounting for a detailed breakdown of what was included. If you did pay the 2011 fees, you will also still be liable for the 2012 fees since you are the owner of record for all of 2012.

Your broker should be able to help explain what you actually paid too.

Good luck!

 

[GrnMtnMan]

The property taxes are itemized on the Annual Dues statement. If you didn't pay those fees for the 2011 Use Year, you won't get that statement.

I haven't received this. Out of curiosity, was the most recent statement you received an actual expense report for 2011, or an expected budget for 2012? Are taxes paid per point during the year clearly listed?

In any case, I think these questions are moot for me this year: even though the cash payment was made in 2011, any taxes paid will be for 2012. I guess it's like RE taxes in an escrow account in that way: the escrow payment may be one year, but the actual tax payment is in another.

Why would you pay 2012 fees on a resale purchase made in 2011? You were not reimbursing the seller, since they did not pay any 2012 fees and until you are a member you are not liable for the next year's fees. Are you sure that the 2012 annual fees were included in your closing? I suppose you could have been paying the 2011 fees (but usually buyers do NOT pay for the current calendar year of fees with a December purchase). Annual fees ae based on the calendar year regardless what your USe Year might be.

I don't know exactly *why* I paid 2012 dues at closing, but I know I did....It's quite clear on my closing documents that I paid and that the amount was attributable to 2012 dues. I don't know if all resale purchase have to have the next year's dues paid at the time of transfer, or only if the transfer is happening late in the year, but I recall my broker saying this was a required part of the transfer process.

There's actually a minor discrepancy in the amount my title company says it sent to DVC for 2012 dues, and the amount 2012 dues actually are (it looks like the title company sent too much). I was on the phone yesterday with member accounting trying to resolve this all...and that's what lead to my tax question.

 

[bigtony777]

We closed in late december and also paid 2012 dues through the closing. I choose not to pay with cash, but paid with credit card. I assume that we will get a statement in early 2013 for our 2012 taxes.