Tax deduction

[catherines_mama]

Something about DVC (if you have pymt plan) is tax deductible). What? And when do we get that paperwork?

DH does DVC stuff but I do taxes.. Help?

 

[heynowirv]

I believe the tax deduction would be interest if you were paying a loan.I dn't think there's any real estate taxes paid.

 

[Cheshire Figment]

There are two possibilities.

One is the Real Estate Tax component of the annual dues.

The other, if you have a mortgage on the property and it is no lower than your second home, the interest on the mortgage is deductible.

Mike (CPA Retired)

 

[erionm]

For the Property Taxes, you will need to look at the recent Annual Dues statement that was mailed (or go online) and look at the 2012 Actual Property Taxes Paid.

If you have financed with DVC, they will send you a 1098 showing Mortgage Interest Paid.

 

[sara mom]

For the Property Taxes, you will need to look at the recent Annual Dues statement that was mailed (or go online) and look at the 2012 Actual Property Taxes Paid.

If you have financed with DVC, they will send you a 1098 showing Mortgage Interest Paid.

I checked my online statement and for a 160 point contract at AKL, we paid $166 in property taxes in 2012. It looks like it should of been less, so they adjusted the dues.

 

[lodge]

Mike (CPA Retired)

That little line was the credentials I like to see!

 

[DBarber600]

Has anyone received their 1098 from Disney yet? I am ready to do my taxes but just waiting on this. When is it usually sent?

 

[erionm]

Has anyone received their 1098 from Disney yet? I am ready to do my taxes but just waiting on this. When is it usually sent?

Not yet. Federal requirements say they have to be in the mail by 1/31.

 

[kgsmith]

Has anyone received their 1098 from Disney yet? I am ready to do my taxes but just waiting on this. When is it usually sent?

I received mine on Saturday -- January 26.

 

[heynowirv]

Mine came one day last week.

 

[erionm]

Of course the closer you live to them, the longer it takes to get the stuff in the mail.

 

[LisaS]

I checked my online statement and for a 160 point contract at AKL, we paid $166 in property taxes in 2012. It looks like it should of been less, so they adjusted the dues.

You bring up an important point. For tax purposes you use the Actual Property Tax amount, not the estimated tax that you paid as part of your 2012 dues. For AKV, the Actual Property Tax rate was .887 per point. For a 160-point contract that would be $141.92.

The difference between the estimated tax and actual tax is credited towards the 2013 dues, making them a bit lower than they otherwise would be. Even though we paid the higher estimated rate in 2012 we cannot deduct that amount on our taxes.

 

[ssawka]

Never mind. I found my statement. Apparently the website is not up to date.

Ok, I'm a bit confused on dvcmember.com they have the actual taxes paid for 2011, but not for 2012. Are the taxes listed by calendar year or UY? If calendar, how do I find the actual taxes paid in 2012?

 

[LisaS]

For the benefit of anyone else who is looking for this information, here is where you find it on the members website.

Log in. Under "My Membership" click on "Annual Dues".
On the Dues page, click on "View and Print statement".
When that page loads, scroll down to bottom half of the page.

There will be a "2012 Actual Property Tax" line item for each resort you own. If you own more than one resort you will need to add the line items up yourself. They don't display a total on the dues statement. (The number you see under "Subtotal" is what's left after they subtract the estimated payments you made.)


ETA: This same information is on the annual dues statement that they sent to us in the mail.