My Other timeshare :(

[BBG-BLT]

What's so weird is that we're all on these boards as DVC timeshare owners lovin our timeshare


and I find out that I can't even GIVE away my other timehsare. I'm going to have to pay over 1K to give it to charity. And it's at a pretty nice place... Paradise Village Mexico.
I got it from my sister in 2001 for 3K and not kidding - can't give it away

I had no idea so many people are trying to get out of their timeshares that they'll pay to get out of them.

CRAZY

 

[YourEveryDayAdam]

It's mainly because of the maintenance fees. People buy these places, they get a particular week at a particular place for the cost of their time share.

Well, life happens... people change jobs, or a kid happens, or they just don't care for the time share resort anymore and they want to do something else. On top of all that, you have the maintenance fees for the resort that you have to pay. They can often be a lot of money. People give their time shares away to get out from under the legal obligation to pay the maintenance fees.

As you found out, some people cant even give them away... often times they are stuck with them or have to pay extra money to convince someone to take it.

 

[Disneybuckeye]

In addition to our VWL points we own a week at Hilton Head. We paid $1500 for it 22 years ago and I still think it was the best purchase we ever made. We usually trade it and have been to Florida many times, skiing in Colorado and the Northeast, and recently into BWV. Sorry you are not happy with yours. We can deed ours back to the resort if we no longer want. Is this a possibility with yours?

 

[mecllap]

I guess you've had it long enough that you've explored renting it out, and/or maximizing your use of it through an exchange system closer to home or for additional time near WDW (I find it fun to stay "off-site" as well as at DVC). Lots of people have your same problem (if you're not already on TUG, you might want to check out http://tugbbs.com/forums/ -- altho you may just find commiseration and no solution).

 

[TheRustyScupper]

. . . I'm going to have to pay over 1K to give it to charity . . .

1) No the only way.
2) Call the timeshare.
3) Ask them to take it back through a "Warranty Deed".
. . . costs you nothing
. . . they get the title back
. . . they can resell it
4) Happens all the time with timeshares.


.

 

[chalee94]

i'd try to keep using it by trading out for options closer to where you live for now. maybe start trying to sell it when the economy eventually improves. or ask about a deedback if possible (mexican resorts may have different rules.)

(just be careful about trying to take a tax deduction for a timeshare you can't even give away...some charities will give you an inflated "value" that the irs may challenge.)

 

[CarolMN]

For us, the fact that DVC expires is a plus for all the reasons listed plus the fact that we don't want to pass a financial obligation to our heirs.

 

[BBG-BLT]

I called the resort and they won't take it back - even just to deed it back. I was just going to get rid of it because it was a bother - I actually thought I'd be able to sell it

Now I'm thinking of just keeping it because I don't want to have to spend the thousand to get rid of it. so I banked a week and put in a request.

And well there is some good news. In March 2012 we'll be staying at the Liki Tiki for a week and hitting US, IOA and SW.

Going to skip on-property in 2012 - saving all my points for 2013 3BR villa MK view for my 50th

 

[Disneyhappy]

I called the resort and they won't take it back - even just to deed it back. I was just going to get rid of it because it was a bother - I actually thought I'd be able to sell it

Now I'm thinking of just keeping it because I don't want to have to spend the thousand to get rid of it. so I banked a week and put in a request.

And well there is some good news. In March 2012 we'll be staying at the Liki Tiki for a week and hitting US, IOA and SW.

Going to skip on-property in 2012 - saving all my points for 2013 3BR villa MK view for my 50th

Do you belong to any organizations that do charity events? You could always donate the week for a raffle or silent auction. If it is for a non-profit organization, you can write it off on your taxes. We have done this as well as bid on vacations at fundraisers.

 

[BBG-BLT]

I didn't think of that - good idea

 

[chalee94]

Do you belong to any organizations that do charity events? You could always donate the week for a raffle or silent auction. If it is for a non-profit organization, you can write it off on your taxes.

well, you "can" but it is actually against the irs rules. if you get caught, the posters from the internet who told you to do it will be long gone...

http://www.irs.gov/pub/irs-pdf/p526.pdf

From page 9 under "right to use" property:

Example 2. Mandy White owns a vacation home at the beach that she sometimes rents to others. For a fund-raising auction at her church, she donated the right to use the vacation home for 1 week. At the auction, the church received and accepted a bid from Lauren Green equal to the fair rental value of the home for 1 week. Mandy cannot claim a deduction because of the partial interest rule.

you can donate your whole property interest to a charity and deduct the fair market value (if there is any) but you are not actually allowed to donate a "partial interest" in your timeshare to get a deduction.

(OTOH, you would be able to rent the week for cash and get a deduction for donating the cash if you wanted to do it that way. or donate the use to charity just to be charitable.)

just FYI...