Writing off Property Taxes on DVC... how!

[twinsouvenirs]

I believe when we bought in it was indicated that most people can write off the property taxes paid (I think you can only do this for two properties so if you have two homes already you may be out of luck...but talk to your accountant). How do we find the breakdown that allows us to figure out what portion of our dues are taxes? I know the maintenance fees and other portions are not deductable, but I cannot figure out where I can find this breakdown.

*** Never mind, it looks like they are on the actual Annual Dues Statement. BUT those who have done this before, I assume you can only deduct the taxes paid for the year of filing... i.e. I can only write off the actual 2013 taxes, not the 2014 estimated taxes I just paid, am I correct?

I swear I will check this with our accountant but if DVC'ers know offhand I can go in to him confidently

 

[drusba]

The annual dues statement that you receive (and should have gotten within the last week) sets out, in additon to the dues you will owe in 2014, the property taxes paid in 2013 in an item identiifed as "2013 Actual Taxes." The amount shown on that line is what you can deduct on your 2013 tax return if you itemize deductions.

 

[DebbieB]

I believe when we bought in it was indicated that most people can write off the property taxes paid (I think you can only do this for two properties so if you have two homes already you may be out of luck...but talk to your accountant). How do we find the breakdown that allows us to figure out what portion of our dues are taxes? I know the maintenance fees and other portions are not deductable, but I cannot figure out where I can find this breakdown.

*** Never mind, it looks like they are on the actual Annual Dues Statement. BUT those who have done this before, I assume you can only deduct the taxes paid for the year of filing... i.e. I can only write off the actual 2013 taxes, not the 2014 estimated taxes I just paid, am I correct?

I swear I will check this with our accountant but if DVC'ers know offhand I can go in to him confidently

Yes, you can deduct the 2013 actual on your 2013 return if you itemize deductions. Last year was the first time I itemized (bought a home), they added the DVC taxes to the total for my home property taxes.

 

[CarolMN]

For 2013 taxes, we deduct actual property taxes paid. We will deduct 2014 on next year's taxes. For the BWV, they slightly overestimated the 2013 taxes and there is a small credit on the fees due for 2014 as a result.

FWIW (I am not a tax expert) you just paid estimated taxes for 2014 with the fees for 2014. You won't know the actual amount until next year's statements come out.

 

[twinsouvenirs]

Brilliant, thank you all. I printed out the Annual Dues Statement and highlighted the actual dues paid for 2013 for our accountant. It's not much but it's something, while they keep the mortgage interest deduction alive!

Thanks all, very helpful!

 

[BestDadEver]

They send me the sheet at the end of the year and I bring it to the accountant

 

[Kidanifan08]

. . .(I think you can only do this for two properties so if you have two homes already you may be out of luck...but talk to your accountant) . . .

I swear I will check this with our accountant but if DVC'ers know offhand I can go in to him confidently

We have a second home and still submit the taxes on our Dec UY and Aug UY contracts, in addition to the interest/taxes on the two homes. As with you, we hand everything over to our accountant.

 

[JustTinking]

We have a second home and still submit the taxes on our Dec UY and Aug UY contracts, in addition to the interest/taxes on the two homes. As with you, we hand everything over to our accountant.

Same here. Wasn't aware of any type of exclusion if you own a second home.

 

[rillsung]

I think we need to revisit this again this year... We have looked at this since we bought in but come back to we can't deduct it. Ugh why do taxes have to be so confusing!

 

[GBPackers]

What if you bought DVC this year through Disney? Is there a. Statement sent to me that includes the interest I am paying too?