Selling DVC contract

[Bea]

We are thinking of listing our dvc contract for sale. If anyone has advice for us that would be great. Listing with DVC Resale Mkt and they seem to think it’s very easy. I’m bracing for it not to be..lol. I know they take 15% to give to the IRS. This amount will not be a lot for us (thinking 1200.00 maybe) but does anyone have an idea of timeline to get it back and is it an arduous process?

I guess I’m just looking for difference experiences of us Canadians selling.

 

[kittyab]

We are thinking of listing our dvc contract for sale. If anyone has advice for us that would be great. Listing with DVC Resale Mkt and they seem to think it’s very easy. I’m bracing for it not to be..lol. I know they take 15% to give to the IRS. This amount will not be a lot for us (thinking 1200.00 maybe) but does anyone have an idea of timeline to get it back and is it an arduous process?

I guess I’m just looking for difference experiences of us Canadians selling.

You could rent your points, that way you can use the money to go somewhere else and not sell your points right away.

 

[mort1331]

We are thinking of listing our dvc contract for sale. If anyone has advice for us that would be great. Listing with DVC Resale Mkt and they seem to think it’s very easy. I’m bracing for it not to be..lol. I know they take 15% to give to the IRS. This amount will not be a lot for us (thinking 1200.00 maybe) but does anyone have an idea of timeline to get it back and is it an arduous process?

I guess I’m just looking for difference experiences of us Canadians selling.

So this comes up from time to time...just like buying resale from a reputable site,,selling should be no issue either.
Now yes the 15% you could get back,,,,and we have looked at that if we were to sell,,,but then the IRS has info on you. With the way privacy is in the US right now,,it might be worth eating the loss. just my 2 cents,,not my 1200 .

 

[disneyfreak89]

We sold several years ago and boy was it a pain. We had to register for an ITIN (individual taxpayer identification number ) in order to file a US tax return because we were selling a US timeshare. We actually had to fight with the resale company to take the 15% off and send it to the government on our behalf. In their eyes it was such a small amount it wouldn't be worth the hassle, but that wasn't an option for us (we would rather be honest then to have the IRS knocking on our door down the road) We also had to claim the sale on our Canadian tax return. Thankfully because we basically broke even and didn't make any money on the sale, we didn't have to pay income tax on it. We eventually got the 15% back from the US but it took almost a year. Hindsight is 20/20. Had I known then what I know now, I would have just kept the contract and just rented it out when we didn't want to use it, and we'd still have access to all the perks.

IF you do decide to sell, please do your research and look for someone whose familiar with doing US tax returns because the bozo we hired didn't know what he was doing and it made the process that much more stressful.

 

[bababear_50]

I have sold a few small point contracts in the past and have not done the 15% back ever.
For me the 15% was not worth another Country having my information.
Paying a company to do he paper work and the long process is also a deterrent.
JMHO (Just My Honest Opinion).

I am also tossing around the idea of selling off my last small DVC contract.
Another option is just renting it out.
Best wishes to you
Hugs Mel

 

[Bea]

Thanks everyone . I think we are going to sell it.

The company we are thinking of going through has a company they use for the tax ID number (at a charge or course ). They seem well versed and used to Canadians selling. I don’t think we will try to get the 15% back.

I will report back if and when it sells.

PS. Didn’t realize we need to report this on our taxes. Thx

 

[Lesverts]

Thanks everyone . I think we are going to sell it.

The company we are thinking of going through has a company they use for the tax ID number (at a charge or course ). They seem well versed and used to Canadians selling. I don’t think we will try to get the 15% back.

I will report back if and when it sells.

PS. Didn’t realize we need to report this on our taxes. Thx

It would likely be a benefit to report it. If you incur a lose it will lower your tax burden.

 

[Canadian Tom]

Hello: We just sold both our DVC contracts at the BCV last month through DVC Resale Market. They did a great job walking us through the entire process. The agent's name was Sue Saunders and she was great. She actually got us more than we expected for our contracts. With regard to the FRIPTA we decided to just pay the 15% and call it quits. The process to get the FRIPTA money back was to hard and not a sure thing. If memory serves me well, the fees were about $1,800(must be paid up front) and the tax on the profits would be about $500. The amount of the 15% FRIPTA we paid on the contract was about $2,700. So do the math before you decide. I hope this helps. Canadian Tom

 

[Bea]

Hello: We just sold both our DVC contracts at the BCV last month through DVC Resale Market. They did a great job walking us through the entire process. The agent's name was Sue Saunders and she was great. She actually got us more than we expected for our contracts. With regard to the FRIPTA we decided to just pay the 15% and call it quits. The process to get the FRIPTA money back was to hard and not a sure thing. If memory serves me well, the fees were about $1,800(must be paid up front) and the tax on the profits would be about $500. The amount of the 15% FRIPTA we paid on the contract was about $2,700. So do the math before you decide. I hope this helps. Canadian Tom

Thank you for the information. Sue is actually who I’ve been talking to. I haven’t listed but we will,be. Just waiting to see what she thinks we should ask per point, The 15% FRIPTA fees seem steep and definitely solidify our decision to not try to get the 15% back.

If we don’t want the 15% back do we still need to get a FRIPTA number? Sue gave me a contact to use but if we don’t want the money back, do I need to contact this person?

 

[NancyK]

We may sell as well. Am I understanding this correctly...if we don't try to get the 15% back, we don't have to report anything to the U.S. government?

 

[Canadian Tom]

Hello: The closing company that Sue uses will look after all the FRIPTA stuff. You just need to tell them you will not be requesting the repayment of the FRIPTA and they charged us $250 to file the paperwork for not requesting a refund of the 15% FIRPTA payment. Remember only non-US citizens need to do FRIPTA. After the closing you don't need to deal anymore with the US government. Hope that helps. Say hello to Sue for me.. from Tom W.

 

[Bea]

Hello: The closing company that Sue uses will look after all the FRIPTA stuff. You just need to tell them you will not be requesting the repayment of the FRIPTA and they charged us $250 to file the paperwork for not requesting a refund of the 15% FIRPTA payment. Remember only non-US citizens need to do FRIPTA. After the closing you don't need to deal anymore with the US government. Hope that helps. Say hello to Sue for me.. from Tom W.

Thank you Tom W. Spoke with Sue and she confirmed the 250.00. Seems like a pretty straightforward process. We listed last night. Fingers crossed for a fast sale. Will send her your regards

 

[Canadian Tom]

Congratulations Bea. I know it's a tough decision but one that you will appreciate later. Remember that you still can go to WDW and have fun. I think Sue will do a great job selling your DVC contract.