Real Estate Taxes

[fast43]

Does everyone deduct the real estate taxes on their personal income tax return for their DVC ownership. It is my understanding that you can deduct these from your taxes?

 

[scduckman]

Yes, if you itemize you can deduct the real estate taxes paid as part of your dues.

 

[KennyK]

Yes, but only if you do not already deduct a second residence. The max is two. Say you own your primary residence in New York, you also own a second home in some other place lets say Pennsylvania, used as a vacation home. You pay property tax on both.

According to the latest info I have read on the 2004 Federal return, only two residences (properties) can be deducted.

Hope this helps,
note: I am not an accountant or CPA but have been doing my own taxes for some time and aways read up on this each tax year.

kennyk

 

[disang]

Can someone explain how this works? Does this mean the annual dues? Sorry if this is a dumb question but I'm new to this. We paid in full and did not finance, do we qualify?

 

[Doctor P]

It specifically refers to the actual property taxes paid in a given year (which are specified in the annual statement each member receives which give the dues for the next year). In general, all other portions of the dues are not deductible.

 

[pediatric-rnp]

Just a question...approx what portion of the dues goes into the property tax? I am specifically wondering about OKW, as that is where we are thinking about buying resale. Thanks for your help!

 

[JeffPort]

Just a question...approx what portion of the dues goes into the property tax? I am specifically wondering about OKW, as that is where we are thinking about buying resale. Thanks for your help!

It varies by property as well as from year-to-year. For 2004, 18% of my dues were allocated to real estate taxes. That figure should give you a ballpark estimate. The exact amount will appear on your DVC dues assessment form, which you will receive at the end of December each year. On that form, DVC will list out the exact amount of your property interest paid in real estate taxes for the prior year.

 

[RobDoc]

Just a question...approx what portion of the dues goes into the property tax? I am specifically wondering about OKW, as that is where we are thinking about buying resale. Thanks for your help!

OKW property taxes for 2004 were $0.8756 per point. OKW dues for 2004 were $3.68 per point and are $3.86 for 2005.

Enjoy!

 

[pediatric-rnp]

Thanks so much JeffPort & Webmaster Doc - you both have been very helpful with your info!

 

[pirateparrot]

Does everyone deduct the real estate taxes on their personal income tax return for their DVC ownership. It is my understanding that you can deduct these from your taxes?

I have a question that I hope someone can answer about taxes. I am a new SSR owner 2 150 point contracts. If I am reading this correct, I only paid $0.61 in taxes last year. Here is what the statement looks like:

Resort Year Item Points Rate Days Assessment
Prorated
SSR 2004 Property Tax - Actual 150 .0033 208 $.28
SSR 2004 Property Tax - Actual 150 .0035 229 $.33
2004 Less Estimate you paid $139.92-

Sub-total for 2004 / Tax Escrow Account $139.31-

Does this make sense to anyone? I have a February use year but could not stay until May 2004.

Any help would be appreciated.

 

[disneydawn6]

I have 4 contracts 3 at BWV and 1 at BCV that one is a different number.. Can I deduct the tax on all of them? You said you can only deduct 2 properties and I own a home

 

[RobDoc]

I have 4 contracts 3 at BWV and 1 at BCV that one is a different number.. Can I deduct the tax on all of them? You said you can only deduct 2 properties and I own a home

You'd be best served to check with your tax advisor for specific situational questions like this. You can probably lump all of the DVC taxes into one "second residence", but I'd sure want to check with someone who can cite tax law in case you have to defend.

 

[goofyforlife]

I have a question that I hope someone can answer about taxes. I am a new SSR owner 2 150 point contracts. If I am reading this correct, I only paid $0.61 in taxes last year. Here is what the statement looks like:

Resort Year Item Points Rate Days Assessment
Prorated
SSR 2004 Property Tax - Actual 150 .0033 208 $.28
SSR 2004 Property Tax - Actual 150 .0035 229 $.33
2004 Less Estimate you paid $139.92-

Sub-total for 2004 / Tax Escrow Account $139.31-

Does this make sense to anyone? I have a February use year but could not stay until May 2004.

Any help would be appreciated.

Yup that's all we paid....

I have 200 points with dec UY and paid $0.44

 

[JeffPort]

At least in Texas, the owner is not taxed on the land "improvements" until the year after the improvements are made and the first new appraisal is completed by the county. It sounds like SSR falls into this same treatment for 2004 ... the owners are paying property taxes on the value of the unimproved land value. If that is the case, next year will be more in line with the other DVC resorts.