Filing property taxes for 2009

[Harlemgirl720]

My mom and I purchased 160 pts this past August which is paid off. We are both on the deed with me as the primary. Can we both claim, or do I have to because of being the primary or can I let mom claim? She is retired BTW.

 

[christa112]

Can I piggy back this question do we get a statement for our taxes from DVC or do we just bring in our DVC closing paperwork.

TIA

Christa

 

[OKW Lover]

One of you can claim the property taxes. The best method is to let the person with the higher tax rate (most likely you) claim the taxes so that it shelters more income.

 

[Harlemgirl720]

One of you can claim the property taxes. The best method is to let the person with the higher tax rate (most likely you) claim the taxes so that it shelters more income.

thank u for the quick response.

 

[Sandisw]

Can I piggy back this question do we get a statement for our taxes from DVC or do we just bring in our DVC closing paperwork.

TIA

Christa

For 2009, those of us that bought mid year, can print off the tax statement from the member website.

Annual dues statements are sent out at the beginning of January (just got my 2010 today) so if you didn't own then, you don't get a separate one sent.

I printed out 2009 just this morning.

 

[LisaS]

One of you can claim the property taxes. The best method is to let the person with the higher tax rate (most likely you) claim the taxes so that it shelters more income.

Aren't you supposed to split the amount with each of them claiming the percentage that reflects the amount they each contributed to the property taxes (50/50 or 60/40 for example)? I once owned some property jointly with someone else and we split the property tax deduction 50/50 since that is the percentage we each contributed when we paid the property taxes.

 

[Sandisw]

Aren't you supposed to split the amount with each of them claiming the percentage that reflects the amount they each contributed to the property taxes (50/50 or 60/40 for example)? I once owned some property jointly with someone else and we split the property tax deduction 50/50 since that is the percentage we each contributed when we paid the property taxes.

You certainly can do it that way, but I don't think you have to. As long as the total amount paid in taxes is the correct amount, I think the owners would be fine.

My DS and I have a joint bank account (he is 21) but he has always claimed the interest on his taxes.

 

[christa112]

Sandi,

Where did you find the 2009 tax form. I am looking on the website and I cannot find it. It is right in front of my face???

For 2009, those of us that bought mid year, can print off the tax statement from the member website.

Annual dues statements are sent out at the beginning of January (just got my 2010 today) so if you didn't own then, you don't get a separate one sent.

I printed out 2009 just this morning.

 

[Sandisw]

Sandi,

Where did you find the 2009 tax form. I am looking on the website and I cannot find it. It is right in front of my face???

Click on My Membership (at the top). Then on Annual Dues. You should see both 2009 and 2010 there.

Click on 2009 and there should be something that says "View and Print Statement".

Hope this helps!

 

[christa112]

Thank you!!!

Click on My Membership (at the top). Then on Annual Dues. You should see both 2009 and 2010 there.

Click on 2009 and there should be something that says "View and Print Statement".

Hope this helps!

 

[LisaS]

Where did you find the 2009 tax form. I am looking on the website and I cannot find it. It is right in front of my face???

Make sure you use the Actual Property Tax and not the estimate. The 2009 dues statement contains the estimate for 2009. You need to look at the 2010 statement to get the actual tax paid in 2009.

When the 2010 statement page loads, scroll down a bit and you should see "2009 Actual Property Tax" line items for each resort you own.

 

[KevinT]

We are considering joining the ranks of the DVC. Hopefully this question is close enough to the thread topic.... Approximately what percentage of the annual dues are real estate taxes?

 

[PurpleTurtle]

Approximately what percentage of the annual dues are real estate taxes?

~19% for me - OKW. It's $0.9333 per vacation point.

 

[silmarg]

One of you can claim the property taxes. The best method is to let the person with the higher tax rate (most likely you) claim the taxes so that it shelters more income.

I think the technically correct answer is for both to claim half the deduction. In practice, what you describe is that happens quite often.

 

[silmarg]

One of you can claim the property taxes. The best method is to let the person with the higher tax rate (most likely you) claim the taxes so that it shelters more income.

weren't you on the podcast recently?

you lucky dog!

 

[coastiewifern]

OK I see you can claim the property taxes are there any other write offs with owning DVC?

 

[tjkraz]

If you financed the purchase through DVC you may be able to deduct interest paid on the mortgage. That's about it.

 

[Luv2Scrap]

If you financed the purchase through DVC you may be able to deduct interest paid on the mortgage. That's about it.

Is this still an option if you finance through someone else, say if I purchase through The Timeshare Store?

 

[tjkraz]

Is this still an option if you finance through someone else, say if I purchase through The Timeshare Store?

To the best of my knowledge, no. When you finance through DVC the loan is written as a mortgage against the DVC property. Most US taxpayers can typically deduct interest on up to 2 mortgages (consult your tax adviser, of course.)

As far as I know, the loans offered for resale purchases are just personal (signature) loans. The loan is guaranteed by the individual, but it isn't secured by the property and therefore is not a mortgage.

Interest is often deductible if you take out a home equity line on your primary residence and use those proceeds for the DVC purchase.

 

[silmarg]

To the best of my knowledge, no. When you finance through DVC the loan is written as a mortgage against the DVC property. Most US taxpayers can typically deduct interest on up to 2 mortgages (consult your tax adviser, of course.)

As far as I know, the loans offered for resale purchases are just personal (signature) loans. The loan is guaranteed by the individual, but it isn't secured by the property and therefore is not a mortgage.

Interest is often deductible if you take out a home equity line on your primary residence and use those proceeds for the DVC purchase.

Acquisition Indebtedness is deductible on the first $1million of Indebtedness while Home Equity Indebtedness is deductible on the first $100,000. There are fairly complex rules in this area, but if you are within the $1mm and $100k window on two properties (DVC would count as one of the two), its usually deductible.... and yes, acquisition indebtedness must be secured by the residence in order for it to be deductible.