Tax Question

[gppnj]

I do my taxes with TurboTax Online (which I recommend). I was only a DVC member for less than half of 2005. Therefore, the amount of money I paid in DVC mortgage interest was pretty small. However, everything adds up when it comes to deductions. TurboTax was saying that we're supposed to get a from from the loan provider. Does DVC send out such a form? I do know frm my statements how much of what I paid was interest, but I didn't know we were supposed to receive an official tax form.

 

[RobDoc]

Yes, if you paid mortgage intrerest thru Disney, you will receive a 1099. They usually mail them by January 31- so it could be the first week in February before it arrives.

You will not get anything indicating the property taxes paid and will need to compute that yourself if you are able to claim that. Even the interest deduction will depend on your specific situation, so it's always best to get advice from your tax professional to be sure.

 

[gothmommie]

Interesting so we can claim DVC on our taxes?

I guess like all things it 'all depends' but that said, if one purchased DVC via resale, cash, what if any thing could be claimed? Yearly maint. dues, just the property tax assessment portion of those dues, nothing?

I'm in NJ if that makes a difference....

 

[Plutofan]

If you can itemize on schedule A then the real estate taxes may be deductible and the mortgage interest. You should receive a 1098 soon. Your lender is suppose to send them out by January 31. You should consult your tax advisor about your specific situation.

 

[gothmommie]

If you can itemize on schedule A then the real estate taxes may be deductible and the mortgage interest. You should receive a 1098 soon. Your lender is suppose to send them out by January 31. You should consult your tax advisor about your specific situation.

Thanks. In our particular situation I would not expect to receive something on mortgage interest as we did not finance our purchase. Unless I am misunderstanding Disney's usage of the term 'mortgage'?

 

[Plutofan]

If you paid cash then your only looking at the real estate taxes.

 

[gothmommie]

If you paid cash then your only looking at the real estate taxes.

That's what I thought but I appreciate you clarifying. Thanks!

 

[Tinkaroo]

Beyond the real estate tax deduction, are there any other tax benefits (or more importantly, penalties!) for owning DVC? (I'm not a member yet, but am considering becoming one, and paying cash, if that matters.)