Tax Question for 2008

[ToodlesRN]

2008 was our first year being DVC members, do we get any paperwork that needs to filed with our taxes every year?

I always make a list and check off each company as I receive our tax forms in the mail and don't want to miss one if we do get something from DVC.

Thanks!

 

[erionm]

You will need to use your Annual Dues statement if you are able to claim the property taxes on your return. If Disney financed your purchase you will receive a tax form for the mortgage interest.

 

[Nikisha421]

so the property tax and the mortage interest need to be recorded on tax documents (if disney financed)?

my first year as well!

 

[oakmanner]

My first year also. I'd like some clarity on this issue as well.

Thanks,
Dennis-

 

[Goofy442]

This is our first year as well not sure how it works for taxes. We paid cash for it and our dues come out monthly so how is that going to work for taxes.

 

[Nikisha421]

???

 

[Tina]

You will receive a statement from DVC for your property tax information. If you paid cash for your purchase, you will have no interest to write off. The property tax information is also on the annual dues statement (which I just received over the weekend).

 

[lacool]

If you itemize you will deduct the property tax portion of your dues (it is broken down on the annual dues statement) and the mortgage interest on your loan (if disney financed or if you got a home-equity loan to purchase) on your Schedule A.

 

[OKW Lover]

You've received some broad generalizations about the tax issues, but you really need to either consult a tax professional or read the regulations very carefully. The answers you've received are appropriate for many (most?) owners but may not be correct for you.

As far as interest on a mortgage, your vacation interest in DVC may qualify as a second home. But if you are already taking a deduction for mortgage interest on a second home, you are probably not allowed to deduct the DVC interest as well.

Property taxes on your DVC property are only deductible if you itemize deductions. If you take the standard deduction then you're out of luck.

Again, consult a tax professional.