Need A Cpa!!!!!

[Robert - CO]

It's time to see who the best tax accountant is here. I have a quick question. My wife and I are going to be buying into DVC, and really want to get into the new villas they are building by the Beach Club - but they won't be ready until next year. We are thinking of going ahead and getting into the Wilderness Lodge now, so that we can get first shot at the new villas.

Question - I know the first timeshare at the Wilderness Lodge will count as a second home, so the interest payments are tax deductible. If we then buy at the Beach club, is that considered a third home, or is it an extension of the second home, since both are part of the DVC? One would make the payments deductible, the other wouldn't.

Any help on this would be greatly appreciated.

 

[DVCDAVE]

QUOTE: "We are thinking of going ahead and getting into the Wilderness Lodge now, so that we can get first shot at the new villas. "

You will NOT have any priority in to buying BCV just because you own at WLV. No first shot, nothing. If you buy any new villas over the phone, you will still have to wait for the timeshare to be cleared for sale in your state. If you buy in person, then you can buy on the spot.

I have points at both BWV and WLV. both have the same contract number, but the 275 point add on is given a suffix of .001 . I believe the "add on" is treated as an extention of the existing loan too. All this boads well for your argument for a deduction. You may also want to consider using a home equity loan on your existing house, for both better rates, and also avoiding these issues. My advice is to check with your tax advisor.

 

[Dean]

While I suspect Dave is right, there is precedent for DVC selling points to members before they go on sale to the general public. With the OKW second sell, they offered the points to members for several months before they were available to the general public. I don't think that was true for WLV and doubt it will be for BCV but one never knows. Regardless, I would not buy WLV just to have my foot in the door, the points will be there if you're ready to go. The problem of being registered may be the bigger obstacle but one you can easily work around with planning. Good luck.