Question about Disney Financing...

[Juliet25]

If I were to purchase a DVC using a Disney loan, would the interest be tax deductible if I itemize?

 

[nucpharm29]

Yes it is--we had to fill out the paperwork for the IRS forms when we joined DVC in January!

 

[Rence]

For the most part it is, you know with taxes there are no simple yes/no questions.

The interest is treated as mortgage interestest so from that standpoint it is deductible. However I believe that you can only deduct interest on a primary residence and one secondary residence. DVC would count as a secondary residence so if you also have a mortgage on another timeshare or a vacation home it might not be deductible. For most of us here DVC is our second home so it isn't an issue, but if you have multiple vacation properties you might want to research it a bit.

 

[lovinthemouse]

Rence is correct. We did our taxes with turbo tax and it walked us through it with no problems. It did say you can only claim 2 addresses. One primary residence and 1 vacation home. For us it was not a problem.

 

[paslea_pooh]

We also used Turbo Tax and it was super easy. If you finance thru disney they will send you a form sometime in January telling you exactly how much you've paid in interest.

 

[yitbos96bb]

Rence is correct. We did our taxes with turbo tax and it walked us through it with no problems. It did say you can only claim 2 addresses. One primary residence and 1 vacation home. For us it was not a problem.

Basically, if you have multiple ones like we do, then simply pick the bigger one as the secondary deduction.

 

[Juliet25]

Thanks! We just have our main house, plus the DVC if we purchase in.

I'm gathering all this information to make the case to DH. Hopefully soon!!!