Tax purposes

[IsamarV14]

First year owning DVC, since Mid August.

Do I need anything from DVC to file taxes? Did not sell DVC or rent points or anything, just making sure.

 

[princesscinderella]

I have never involved DVC in my taxes but I haven’t sold or rented either. It’s a liability right now, I think only if you sell do you need to claim it to show gains or losses.

 

[BillPA]

If you can itemize you can deduct RE tax you paid Plus interest if you had to finance your purchase.

 

[crisi]

If you can itemize you can deduct RE tax you paid Plus interest if you had to finance your purchase.

Possibly not the interest. Talk to a tax professional.

 

[drusba]

If you can itemize deductions, which many married couples need no longer do because the total standard deduction is $24,000 for a married couple, you can deduct the portion of your annual dues that is for property taxes (called "ad valorem" taxes in Florida and your applicable documents). The annual dues bill provided in late December 2020 for 2021 dues also provides the actual property taxes you paid in 2020 and is the document that can be used to prove your deduction.

If there is a mortgage loan on the timeshare, and you can itemize deductions, you can also deduct the interest on the timeshare loan with some exceptions, the main one being that you can deduct interest only for one home you live in plus one vacation home.

 

[CarolMN]

To add to @drusba's post: Those are the Federal income tax rules. Your State may have different rules that apply to your state income taxes.

 

[Maistre Gracey]

“Plus one vacation home”...
I always wondered about this when I was a member. If you own BCV and BWV, is that one vacation home, or two?

 

[crisi]

“Plus one vacation home”...
I always wondered about this when I was a member. If you own BCV and BWV, is that one vacation home, or two?

Its two deeds, therefore two pieces of property. Also, IIRC, it needs to be a loan secured by the property - a loan direct from Disney would qualify. A personal loan from your bank would not.