tax deductions

[sjdisneywedding]

Hello everyone. i was wondering if anyone knew the specifics as to whether and when the dvc would be tax deductable. It in no way means anything to why we have our membership, but I always see it mentioned in alot of places. However all that it ever says is that "your dvc membership MAY be tax deductable" Forgive me for not knowing taxes much, but can anyone break this down for me

Thanks very much for any help

 

[RobDoc]

Welcome to the DIS!

It would be best to check with your tax professional to see what would apply for your specific situation but, in general, you can deduct any interest paid on a mortgage for a second home (and many will claim DVC as a 2nd home) and you can deduct the portion of maintenance fees applied to property taxes. DVC will send out a statement indicating the amount paid in interest (if you financed thru them) and you will need to figure the property taxes based on the amount per point (times the number of points you own). You will NOT get a property tax statement- since the property taxes are billed to and paid by Disney- the owner of the land.

Hope this helps!

 

[calypso*a*go-go]

Hi sjdisneywedding -- Welcome Aboard !!!

 

[JimC]

Doc's advice is right on the mark. Welcome to our little community on the DIS

 

[sjdisneywedding]

thanks for the info, that definately helps and thanks for the warm welcome. its great to be a part in this, finally!

 

[tamu91]

How do you figure the property tax portion? I understand about the interest but how do you know how much property tax was paid by Disney and how much tax credit to take per point?

 

[RobDoc]

The dues statement from DVC at the end of the year will show the actual property taxes paid (per point) for that year and the estimated property taxes for the coming year. Just mulitply that figure by the number of points you own.

Since the property taxes are estimated each year, often the actual taxes have been lower than projected and a credit is applied to the next year. If the actual taxes were higher, the extra amount will be added to the statement.

 

[tamu91]

Thanks for the info. I'm brand spankin' new to DVC and didn't realize Disney furnished all that information. I presume the due statements from Disney arrive sometime in January