DVC Tax document

[AJollyHoliday]

We live in NYS and are preparing our tax documents for our accountant. We are allowed to claim our property taxes for our DVC contracts. However, every year, it is somewhat cryptic where I can get a clear document of the paid taxes. I have the annual dues document and it says "Estimated Taxes" then a little later says "Tax adjustment." It is not easy for me to ascertain what is actually paid in taxes. Tank you in advance for your help.

 

[kanerf]

You receive 1098s from DVC for this. I just got mine this weekend.

 

[erionm]

You receive 1098s from DVC for this. I just got mine this weekend.

That's for mortgage interest.

We live in NYS and are preparing our tax documents for our accountant. We are allowed to claim our property taxes for our DVC contracts. However, every year, it is somewhat cryptic where I can get a clear document of the paid taxes. I have the annual dues document and it says "Estimated Taxes" then a little later says "Tax adjustment." It is not easy for me to ascertain what is actually paid in taxes. Tank you in advance for your help.

On your annual dues statement, there should be a line for "Actual Property Taxes". That's the value you are looking for.

 

[AJollyHoliday]

You receive 1098s from DVC for this. I just got mine this weekend.

Thank you, yes that is for the mortgage which we do not have.

That's for mortgage interest.

On your annual dues statement, there should be a line for "Actual Property Taxes". That's the value you are looking for.

Thank you, I believe you are right, that is on there. I was looking online for a summary document, which would be really helpful for Disney to create.

 

[swaysui]

Another tax question. when we bought our resale contract the entire year’s due was included in the purchase but I can’t seem to find it on the DVC website. Any help would be appreciated.

 

[Sammie]

Your tax preparer will know what to do with it. I just screenshot the info and give to him.

 

[dwg]

Another tax question. when we bought our resale contract the entire year’s due was included in the purchase but I can’t seem to find it on the DVC website. Any help would be appreciated.

Not sure if this is what you are asking but maintenance fees are not tax deductible unless the timeshare is a business which should not be the case. If you are trying to figure out your maintenance fee cost I suggest contacting DVC Accounting or go to the website and find your dashboard under My DVC. On the right hand side is a box listed as Menu and one of the selections is Dues. Click on that to bring up your Dues statement which will have a dues break down between Operating and Capital costs (maintenance dues) and property tax. It breaks down the rate by point so you can figure out your monthly cost and multiply that by the number of months you owned DVC in the year.

 

[swaysui]

Not sure if this is what you are asking but maintenance fees are not tax deductible unless the timeshare is a business which should not be the case. If you are trying to figure out your maintenance fee cost I suggest contacting DVC Accounting or go to the website and find your dashboard under My DVC. On the right hand side is a box listed as Menu and one of the selections is Dues. Click on that to bring up your Dues statement which will have a dues break down between Operating and Capital costs (maintenance dues) and property tax. It breaks down the rate by point so you can figure out your monthly cost and multiply that by the number of months you owned DVC in the year.

Right maintenance is not but the estate tax is right?

 

[dwg]

Right maintenance is not but the estate tax is right?

You mean real estate tax. Yes that is deductible if you are able to itemize your deductions (using Schedule A) as opposed to taking the standard deduction in which case you do not deduct any specific items on the tax return.

 

[Maistre Gracey]

I have no idea if this is accurate, but I’ll throw it out there…

The tax lady said ONE additional home taxes are deductible. So, she did not buy off on deducting taxes on VGC, VWL, VB, , and AKL.
She said “pick one”, as they are different properties.

I have 0.0 knowledge on taxes, so I just picked the most expensive one for taxes.

 

[Nursemanit]

I have no idea if this is accurate, but I’ll throw it out there…

The tax lady said ONE additional home taxes are deductible. So, she did not buy off on deducting taxes on VGC, VWL, VB, , and AKL.
She said “pick one”, as they are different properties.

I have 0.0 knowledge on taxes, so I just picked the most expensive one for taxes.

This is what my tax attorney said as well - one property only so it was not worth it for me to bother.

 

[jerseygal]

If you are NOT ITEMIZING on schedule A and taking the standard deduction, this is a mute point, you do not need it

 

[Denise W]

If you are NOT ITEMIZING on schedule A and taking the standard deduction, this is a mute point, you do not need it

*moot* point.

 

[Best Aunt]

If you are NOT ITEMIZING on schedule A and taking the standard deduction, this is a mute point, you do not need it

*moot* point.

If you liked "Friends," it's a moo point (because, according to Joey, a cow's opinion doesn't matter).

 

[Shelly F - Ohio]

It printed on your 2023 dues statement. It shows what the actual tax was for 2022. Very easy to see.

 

[wnielsen1]

I have no idea if this is accurate, but I’ll throw it out there…

The tax lady said ONE additional home taxes are deductible. So, she did not buy off on deducting taxes on VGC, VWL, VB, , and AKL.
She said “pick one”, as they are different properties.

I have 0.0 knowledge on taxes, so I just picked the most expensive one for taxes.

Not true on property taxes, but is true on mortgage interest.

 

[Maistre Gracey]

Not true on property taxes, but is true on mortgage interest.

That may be the way it was. It was several years back and don’t remember exactly.