Need help for Taxes, Please

[goldilocks_63]

Okay, I'm just starting my personal tax return. I own at OKW & BCV.

I know there is something you can deduct, and never have bothered, but now am getting up in points so may be worth it.

I purchased in full (no financing), so what do I look for on my bill, and what can be written off?

FYI - I just called MS, and they're going to send me a copy of my bills.

And, is it worth the effort. I have just under 600 points, how much does this save? ie more than $200??

Help please, Goldi

****

Please let summer come. I need SUN!

 

[Pa@okw95]

You can add to you property tax deduction whatever you paid in property taxes for your DVC resorts. With 600 points it should be worth it for you to do it. Look for your dues bills and on it they have the break down of taxes and dues that you paid. The tax portion that you paid you can add to your property tax for your house wherever you live for the property tax deduction.

 

[goldilocks_63]

on the tax bill.

If anyone can find a copy of they're bill, and point me to the specific line, I'd appreciate it.

and thanks for the response, I guess I then just add it to me property taxes here in IL. Is that right, can add the property taxes for IL and FL? or are they broken out seperately.

 

[PamOKW]

Did you purchase in 2003? It's the 2003 actual property tax that can potentially be added to your property tax. (You may want to check if there is any reason you couldn't do this.)

On your Annual Dues Statement that you received in late December 2003 for the 2004 Dues, towards the bottom it will say "2003 Property Tax -- Actual"

 

[MiaSRN62]

I guess I then just add it to me property taxes here in IL. Is that right, can add the property taxes for IL and FL? or are they broken out seperately.

Hi,
I use the Turbo Tax software and I broke it down seperately. I put real estate taxes down for 1) main home 2) other real estate
As for locating the amount of property taxes I paid on my DVC, I was mailed out an "annual dues statement" towards the end of December. On this statement, it broke down taxes and operating budget amounts. Check your records and see if you received this. I'm sure you could contact Member Accounting if you can't find it. Good luck. Just finished my taxes this week.

 

[Pa@okw95]

goldilocks-I used turbo tax myself just like another poster did, the basic turbo tax program costs about $29.95 and is worth every penny, it takes you through evrything, prints it out for you, etc.

 

[Ksp]

I'm also a turbo tax user, and I broke it out separately. The software walks you right through it. I'm not sure how much it saved me in the long run; I'll have to go back and check it out. We only have 300 pts; about to add another 100 this week, though. Can't wait!