Just sold our contract

[wilderness01]

We just sold our contract at VWL. It's not that we had to but we are planning on buying a place in Florida so a timeshare is not what we needed anymore. Anyhow, we are thrilled. We will still go to WDW/Universal over Springbreak and will still spend time in Orlando. For us, this was a great choice. We took alot of trips over the last 6 years and still made money on the sale of our contract. The sale was easy and now we are just waiting for it to be complete. The commission was a little steep from the person who sold the contract, but I guess that is how it is for timeshares. Anyhow, I am glad we made someone happy and glad for ourselves that we actually came out ahead of the game without ever knowing we could.

 

[bobbiwoz]

Congratulations on your sale and your decisions. I'm glad it worked out.

Bobbi

 

[wilderness01]

Thanks. We are thrilled. It was never our intent to sell when we bought, but it really did all work out, and with a profit! Now we just have to figure out where in Florida we really want to be. We have been looking for a few years now, it is just hard to make that final committment.

 

[bobbiwoz]

I understand about the "where in Florida" we want to be...we've been looking at Florida for 3 years now. We would be snowbirds, summering in NJ. Do you intend to make the full jump?

I don't think we will sell our DVC. We will be downsizing our house and the family will probably prefer to visit us at WDW than where ever we settle. Our DGC have never been to our Ohio home, and when our oldest (3 1/2) was sitting on the sofa in our 2 bedroom of VWL, she asked if this was Ohio??? Boy, don't I wish.

Bobbi

 

[t-beri]

t says (waving her hand like a Jedi) "you do not want to move to Spring Hill"

 

[bobbiwoz]

t says (waving her hand like a Jedi) "you do not want to move to Spring Hill"

Is there a reason?
Bobbi

 

[wilderness01]

Where is Spring Hill and why is it so bad?

 

[Donna]

We just sold our contract at VWL. It's not that we had to but we are planning on buying a place in Florida so a timeshare is not what we needed anymore. Anyhow, we are thrilled. We will still go to WDW/Universal over Springbreak and will still spend time in Orlando. For us, this was a great choice. We took alot of trips over the last 6 years and still made money on the sale of our contract. The sale was easy and now we are just waiting for it to be complete. The commission was a little steep from the person who sold the contract, but I guess that is how it is for timeshares. Anyhow, I am glad we made someone happy and glad for ourselves that we actually came out ahead of the game without ever knowing we could.

How does it work with paying taxes. Did you get a 1099 for the proceeds and do you have to pay taxes on the difference, since you came out ahead. I am wondering this for my own situation.

 

[wilderness01]

I don't know yet. I will pm you when I know.

 

[littlestar]

We got a 1099 S form when they mailed us our check for our sale of points. I would assume I can minus off the commission I paid - I hope.

 

[Donna]

what about the capital gains, do you just pay on that? i only paid about $48 for my HH pts but sold for much more than that. Do i just pay that difference? They are showing the full sale price incl. commission and dues. Disney bought back my large contract but didn't send a 1099. I am wondering if they'll send it closer to tax time when they mail them out in bulk probably.