Reporting DVC on Tax Returns ?

[Tink03477]

I've looked everywhere on the IRS site and this site too trying to find out how to report DVC that I purchased last May. All I could tell so far was that if you stay 14 days or less in a "timeshare that you don't rent to other people" then there's nothing to report. Does anyone know if that's true? Does DVC send out a some kind of tax form for us? I don't itemize on my taxes as I have nothing to itemize. I am using the online tax returns program (Taxact Online) and it just has renting to other people my vacation home. I don't do that. Going through all my DVC paper work it doesn't even seem that I have any high interest $$ to even report. I purchased the minimum, 160 at SSR in May.
Does anyone know if I need to wait for some form from DVC?
Thank you for any help anyone can provide!
Kim

 

[RobDoc]

If you itemize your tax return, you can probably claim interest paid on the mortgage loan and the portion of the annual fees devoted to property taxes.

If you don't itemize and take the standard deduction, there won't be anything to claim or report.

BTW, the minimum purchase is 150 points at SSR!

Welcome Home!

 

[Dean]

You may be able to deduct the taxes paid and you may be able to deduct interest as a second mortgage in some cases. Consult your tax advisor.

 

[Tink03477]

oops, that's right Doc, I did purchase 160! Thanks for the help Doc.

Does DVC send out a form do you know?

Dean, thank you for the info. I don't have a tax advisor or any other mortage but this one; which isn't the same as a full time home anyway so I wasn't sure if it even met the amount to be recorded on taxes. I don't itemize to begin with (nothing to itemize) and this wouldn't put me over the regular deduction. I could probably call the IRS tomorrow and ask them as well.
Thanks again!
Kim

 

[PamOKW]

If you are financing through Disney I think they will send you a form that details the interest you have paid.

The taxes paid are on the statement you received for your 2005 annual dues. You will see a section that says 2004 actual real estate tax. That is the portion of the dues that you may be able to deduct from your taxes.

 

[RobDoc]

DVC will send a 1099 to report any interest paid. Nothing will be sent out regarding property taxes. You'll need to compute that by finding the per point tax and multiplying by the number you own- except in this case you only paid a prorated amount based on your purchase date. You can call MS (member accounting) for assistance in computing the amount.

Again, if you don't itemize your return, none of this would be reported anyway. You'll need to figure out if it's in your best interest to itemize (consult a tax advisor or let your program figure it both ways for you to see which is best).

Enjoy!

 

[Jamesbyr]

On my annual Dues statement, sent mid December, DVC listed the exact amount of my property tax for the past year.

 

[Tink03477]

Well, I guess some phone calls are in order for tomorrow. I'll also try the Tax Program with and without itemizing as you suggested Doc. I did get that same statement too JamesByr, that's why I think I may be able to skip the reporting this year as it seem too low an amount. I'll keep an eye out for the 1099 as well.
Thank you everyone!!!