DVC Tax Question

[rae519]

During a polite conversation, a non-DVC person told me that I could deduct the tax I paid for my DVC membership and that I could probably get back some of the DVC financing and probably even the membership dues.

Neither my DH nor I have a clue since this wasn't something our DVC Representative had talked about. (We bought last February (2002) for October 2001 through DVC.)

If this can be done, great - but if not, well, that's okay too since it's a win-win situation.

Any advise from a DVC veteran?

Thanks so much, in advance!

Rae

 

[TnRobin]

It is possible that you may be able to deduct the interest on your DVC loan (If it is secured by your investment in real estate - ie home equity loan or your loan is through DVC)

It is also possible to deduct portion of your dues which paid the property taxes on your DVC.

Sorry to be vague, but without knowing your specific situation, I don't want to give you a direct answer.

 

[Firefighter Mickey]

The best advice is that if you have someone prepare your taxes, then talk to them about what you can and cannot do.

Ultimately, whether or not you can deduct anything associated with DVC depends on whether you itemize or not.

The 2 items usually deducted is the interest paid on a loan (if you have a loan with DVC, you may be eligible for this and DVC will send you a form 1098 telling you how much interest you paid) and the portion of your dues related to property taxes. As far as I know the rest of the membership dues are not deductable for most individuals.

 

[rae519]

Thank you both for your replies. Apparently it can be done in certain situations - so you can teach an "old dog new tricks"!!

Have a wonderful New Year!

Rae