Tax form?

[ClaraOswald]

Is there a specific form I'll be getting in the mail from DVC to give to my tax guy?? I can't remember from last year.

We don't have a loan or anything like that. We have 3 contracts now. I have no idea if there's something we need to do with it on our taxes.

 

[Sandisw]

No.

 

[heynowirv]

The only time you need a tax form from Disney is if you're paying off a loan and had paid interest last year.

 

[AnnaS]

Curious if Real Estate taxes (I know not much/then again some members own thousands of points) can be written off if people itemize (I do not).

 

[eticketplease]

Curious if Real Estate taxes (I know not much/then again some members own thousands of points) can be written off if people itemize (I do not).

I think it is only applicable if you are renting points. Even then it’s not the whole amount paid on the contract. I’m not a CPA though so I don’t know the ins and outs.

 

[drusba]

Curious if Real Estate taxes (I know not much/then again some members own thousands of points) can be written off if people itemize (I do not).

Your real estate taxes for DVC properties can be used as an itemized deductible expense, along with other itemized deductions, if not using the standard deduction. Mortgage interest on your timeshare can also be used as an itemized deduction but, for that one, you can only deduct two properties that you own, your residence and another.

If you rent the timeshare, the percentage of property taxes applicable to the points used for the rental can be deducted as a rental expense, but only if you are not also using them as part of your itemized deductions, i.e., you can deduct them as a rental expense if you use the standard deduction, but you do not get to both use them as an itemized deduction and a rental expense deduction.

 

[AnnaS]

Thank you. What I thought. I used to jot down the "real estate" taxes "just in case". Standardized deduction here for so many years. All points bought outright so no loan/interest there either.

Good info for new/er members.

 

[ClaraOswald]

So basically, I don't need to do anything with our DVC on our taxes until we had a loan (we don't) or if we rented points out (we didn't.) Right?

 

[CarolynFH]

So basically, I don't need to do anything with our DVC on our taxes until we had a loan (we don't) or if we rented points out (we didn't.) Right?

No, you don’t need to do anything unless you want to itemize deductions and claim DVC property taxes.

 

[miTnosnhoJ]

You just need to print out your dues invoice. It has the tax info on it for property taxes.

 

[ClaraOswald]

Really? People above said we don't need to do anything.

Where in the dashboard do I find that exactly?

 

[eticketplease]

MyDVC => My Annual Dues => Annual Dues Statement

Then you will select the year and expand the contract.

 

[ClaraOswald]

I'd select 2024, right? Not my dues I just paid. But the ones I paid last January?

 

[eticketplease]

I’m not sure since in mine 2025 shows only one amount. When I select other years, it shows two years it’s really weird.

 

[Sandisw]

Really? People above said we don't need to do anything.

Where in the dashboard do I find that exactly?

I don’t do it because I never end up with having enough to itemize. I always get the standard so I don’t need the info.

 

[miTnosnhoJ]

You would use the 2025 dues, because it has the actual tax payment for 2024. The 2024 dues has an estimated tax payment.

But Sandisw is quite right that you don’t need to worry about this unless you itemize deductions.

 

[dwg]

Just a cautionary comment. If not renting your timeshare. My comment is not about what is tax deductible now but what can be added to the cost basis of the time share if you sell the timeshare for a gain. Selling for a loss is not deductible. Keep your annual dues statements in a safe place. Do not rely on DVC to be able to provide every annual statement while you were a member. The portion of the annual dues listed as Reserves can be added to the cost basis in the event you sell the timeshare and need to calculate your gain on the sale.

We purchased in 1999 and I did not initially keep copies of every annual statement to figure basis. On the DVC website the annual statement only go back as far as 2014. Should we sell in the near future we would most likely still have a gain that could be offset by the annual Reserve portion of the dues.