? for NJ DVC owners about tax writeoff

[allicat]

We purchased in 2002 and we received a tax document from DVC.
We are wondering what if anything can be written off on our NJ income taxes.
Our accountant wasnt sure!

 

[wdwnut]

hi: the portion of the dues that relates to the real estate taxes is what we deduct.

 

[KNWVIKING]

I don't believe the taxes can be written off against NJ income tax. The property tax was paid to FL, not NJ.

 

[JMWSR518]

According to our accountant, the real estate taxes paid are deductible, your DVC is considered a second home and can be written off.

JMW

 

[KNWVIKING]

They can be written off towards your Fed taxes, not NJ income tax.

 

[JMWSR518]

Hey KNW,
In May of 2002 we were at OKW and I bumped into a father and son loading up there car heading back to Vineland, NJ. Just wondering if that was you. If it is you Hello, If not well, Hello to you too.

JMW

 

[KNWVIKING]

No, it wasn't us. We did VB in May of 2002, not OKW. This May DW and I will be at OKW though. Now I'm curious to know who the fellow Vinelander is. How on earth did you remember a place like Vineland ?

 

[cher8754]

I live in Illinois and my accountant tells me I can deduct the real estate taxes and the interest because it qualifies as a second home, both federal and state.

 

[JMWSR518]

We are also from NJ (Smithville in Galloway Twp.). We drove that year and would often notice NJ tags. When we were loading our car I noticed the father and son loading a car with NJ tags, so we talked for a few minutes and said our goodbyes. Hopefully that explains how i remembered Vineland. See ya, we will be at VB in July for three days and then OKW for 9. Have a great trip.

JMW

 

[DVCGirl49]

My accountant says that you can deduct the actual property tax paid and the interest paid that year on the mortgage because it would count as a second home.

 

[KNWVIKING]

In the State of New Jersey, real tax deduction are only allowed on principal residence,not a secondary or vacation home. NJ also does not allow mortgage interest of any kind to be used as a deduction. Why do you think so many of us move to FL as soon as we can afford too.

JMW, enjoy VB in July, we'll be at Y&B July 4th week. Maybe someday we'll wind up at the same resort at the same time.

 

[msdis]

You can deduct real estate property taxes on your federal form, even if it is in another state, even if it is not your primary residence. Since you joined in 2002 did you actually pay the dues for the 2002 points? We sold part of our points in 2002 and we paid all the dues in 2002 yet our statement went to the person who bought our points. I most definately am claiming those taxes on my 2002 federal return. I am the rightful owner of that deduction even though the statement was not sent to me. Just an FYI, as this is not explained very well even by Disney.