A Legitimate Timeshare Donation Charity

JLB · #1 (**permalink**) 09-29-2008, 11:20 AM

I would appreciate it if the powers that be can place this properly, and Sticky-tize it, so that it is saved for posterity.

These people have been around awhile now and seem to be doing an OK job with timeshare donations. They are located in Branson, and the charity is also not far from us, south of Eureka Springs in Arkansas.

Home

tonyg · #2 (**permalink**) 09-29-2008, 01:28 PM

I have to question their assertion that one can deduct up to $ 5,000 without an appraisal for a timeshare donation.

Bill4728 · #3 (**permalink**) 09-29-2008, 01:31 PM

I put a link to their website on our "Links" page.

1950bing · #4 (**permalink**) 09-29-2008, 02:07 PM

Check with your CPA first ! If you are looking to reduce your tax rate by alot don't count heavy on your TS to do it. The IRS knows the real value of TS and most of the time they will fall way below what people think they are worth. You can get rid of it but you will not get much.

Spence · #5 (**permalink**) 09-29-2008, 04:19 PM

Quote:

Originally Posted by tonyg

I have to question their assertion that one can deduct up to $ 5,000 without an appraisal for a timeshare donation.

I think that that assertion is correct, but that doesn't mean you can just claim $4950 with the thought that you won't be audited!

JLB · #6 (**permalink**) 09-29-2008, 10:22 PM

That wasn't a factor for us, but I remember a similar statement when we made a donation to The German Language School vis a vis Timeshare Transfer.

Quote:

Originally Posted by tonyg

I have to question their assertion that one can deduct up to $ 5,000 without an appraisal for a timeshare donation.

samrawet · #7 (**permalink**) 12-29-2008, 08:45 AM

thaks for sharing links

JLB · #8 (**permalink**) 12-29-2008, 11:15 AM

If you are planning on contacting them, it would be interesting to know your ourtcome given the state of the economy and timeshare sales, or lack thereof.

rikkis_playpen · #9 (**permalink**) 12-29-2008, 12:24 PM

http://www.timeshareforums.com/forum...-work-you.html (Donating your timeshare to a charity- Did it work for you?)

tabbyc · #10 (**permalink**) 12-29-2008, 01:28 PM

1. The first issue is how do you value the timeshare. Whether it would hold up in court or not is iffy. I'm not sure what would happen if you went looking for a legitimate appraiser/Ebay etc. and tried to get values.

2. Are they planning to re-sell the timeshares? If they do, the value for the donation must be reported as what they sell it for and that would be the deductable amount.
How are they going to make any money by sitting on them?
Are they going to pay the annual fees?
If they refuse to pay the annual fees then the sale could be disallowed as fraud and the original owner could still be liable regardless of knowledge or intent.

3. Can you find this company on any of the charity data bases? Do they really have an IRS letter and are they really a 501 (c) (c) or not?

4. Most importantly the tax benefits are probably not as they claim. Most people don't itemize deductions. So they have a $5000 to $10,000 standard deduction. They have to have more than that amount to itemize. So if you give up the standard deduction of $8,000 and instead you have a $9,000 itemized deduction, you don't get much of a tax refund.