Sell Contract Back to DVC

[bookswin]

I'm not desperate to sell, but I know I cannot make a profit since I would be taxed. I'm a Canadian resident.

Are you PROHIBITED from making a profit? Or is it just a pain with forms to fill out?

If the former, I knew things could be screwy in Canada, but that's really too much.

 

[kendo911]

Did you consider calling your guide to see if there'd be an opportunity to switch your points for the resort points you really desire? DVC may not do a straight on trade but it couldn't hurt to ask.

I dont mean to Hijack the thread but has anyone done this successfully?

thanks

 

[dvcdisney]

Are you PROHIBITED from making a profit? Or is it just a pain with forms to fill out?

If the former, I knew things could be screwy in Canada, but that's really too much.

No, we are not prohibited to make a profit. And it doesn't have anything to do with Canada. This form is for anybody outside the US. It is the US income tax forms. Sorry, I should have been more clear, I would be taxed by the US (since that is where the profit would be made).

If a profit is made, you are taxed by the US income tax. I don't really know the rate or amount, but any profit would be, essentially, considered income and thus would have to be taxed.

So to be clear, Canada is not the problem here.

I am sure that other countries have similar systems, including Canada. However, I am not aware of the details since I don't own property anywhere else.

 

[Dean]

I dont mean to Hijack the thread but has anyone done this successfully?

thanks

It has been tried and I know of many failures and no one who's even gotten to first base on such a "trade".

 

[50 years Too!]

We are in the process of selling a BCV contract that we purchased resale 2 years ago. We accepted the same $ price that we bought it for.
So no need to do tax paperwork, right?

Thanks, Deb