Vacation Club & Taxes?

[MrGrumpy222]

Did anyone get their statement form DVC for their mortgage to file for 2005 to claim the interest on the payments?

 

[disneykidatheart]

I called member services on Friday morning. While on hold a message came on saying that mortgage payment statements would be mailed out by January 31st.-- Saturday-I think I need to amend this message. I think the message I heard said that statements of property taxes paid would be mailed by Jan. 31. I would guess that mortgage payment statements would be using the same mailing guideline.

 

[MrGrumpy222]

I called member services on Friday morning. While on hold a message came on saying that mortgage payment statements would be mailed out by January 31st.-- Saturday-I think I need to amend this message. I think the message I heard said that statements of property taxes paid would be mailed by Jan. 31. I would guess that mortgage payment statements would be using the same mailing guideline.

Thank You Very Much!

 

[RobDoc]

In the past DVC has not sent our property yax statements. Those with a mortgage will receive a 1099-INT reporting the interest paid on their loan. These, by IRS regulation, are supposed to be sent by January 31 each year and DVC has usually followed that.

To compute the property tax component (if you can claim it on your taxes), you will need to compute the actual tax paid in 2005 by multiplying thetax per point by the number of points you own. You should probably check with your tax advisor regarding the property taxes since technically we do not pay it- Disney does. You will not have a receipt from the county as proof. Many have claimed the tax and no one has ever reported a challenge from the IRS, but it might be wise to get advice from someone who knows your personal tax situation regarding 2nd home/vacation home deductions.

 

[Plutofan]

In the past DVC has not sent our property yax statements. Those with a mortgage will receive a 1099-INT reporting the interest paid on their loan. These, by IRS regulation, are supposed to be sent by January 31 each year and DVC has usually followed that.

To compute the property tax component (if you can claim it on your taxes), you will need to compute the actual tax paid in 2005 by multiplying thetax per point by the number of points you own. You should probably check with your tax advisor regarding the property taxes since technically we do not pay it- Disney does. You will not have a receipt from the county as proof. Many have claimed the tax and no one has ever reported a challenge from the IRS, but it might be wise to get advice from someone who knows your personal tax situation regarding 2nd home/vacation home deductions.

Just so that there is no confusion you will receive a 1098 not a 1099-INT. Disney is required to send them out by January 31.

 

[drusba]

Your Annual Dues Statement (the bill for your annual dues), that you should have already received, provides the property taxes that you paid in 2005.