Tax deductible

[LoveMickey]

Hello,

Are the yearly dues Tax deductible on your Federal income taxes?

Sorry if this is a strange question, but I was asked this and was not sure of the answer.

Thanks Folks

 

[PinkTink63]

Hello,

Are the yearly dues Tax deductible on your Federal income taxes?

Sorry if this is a strange question, but I was asked this and was not sure of the answer.

Thanks Folks

I was told that only the actual taxes on the property are deductable. It is broken down on your dues statement.
Steph

 

[winniesgirl]

Not a strange question at all....The Property Tax portion is deductible. The other assessments are not.

 

[JimMIA]

The property tax portion of the dues would probably be deductible if you itemize deductions. I'd see a tax specialist to be sure.

 

[dyingtodisney]

If you itemize and have a DVC loan financed can't you write off the interest as mortgage interest? WHat form do you need to request for accounting for that?

 

[MrShiny]

If you itemize (and if you own property, you probably should!), then you can deduct the real estate taxes and if you've financed (either through Disney or a home equity loan - but not a credit card!) you can deduct that interest as well.

 

[nestlejean]

They should send you a form with the interest paid. If it's a loan with the ralestate as collateral, it should say that (such as a house loan / mortgage does. That interest is deductible or if you took out a home equity loan to pay for it, that interest is also. You have to itemize. The portion that is real estate tax of the dues is deductible provuded you itemize. I am not an expert but this is how I understand it to be.

 

[brivers222]

If you itemize and have a DVC loan financed can't you write off the interest as mortgage interest? WHat form do you need to request for accounting for that?

I didn't need anything, they just sent me the information in mid february last year!

 

[Doctor P]

Even with property taxes and mortgage interest, these answers are dependent on your particular tax situation. Please consult your tax advisor. If you don't have one, it would be a good idea to get one.

 

[JimMIA]

Even with property taxes and mortgage interest, these answers are dependent on your particular tax situation. Please consult your tax advisor. If you don't have one, it would be a good idea to get one.

Exactly. There are situations where neither the property taxes nor interest would be deductible. It depends on your circumstances, and nobody can tell you for sure without knowing your entire financial picture.

Interest on a home equity loan would be deductible if you itemize, because that is interest on your primary residence, no matter what you spend the proceeds of the loan for.

 

[n2mm]

This is exactly why we took out a second mortgage loan to pay off our membership, so that the interest was tax deductible....we have an accountant, so will double check the property taxes with her also.