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Re: How to get rid of a timeshare you no longer want ....

[Q=ken1193] andria incorrectly states, quoted only in pertinent part: >> You can receive a tax credit of up to $5000.00... << ======================================= There is a clear and critically important difference between a tax CREDIT (which is dollar for dollar reduction in one's taxes due and which you certainly *CANNOT* ever get for a timeshare donation) and a tax DEDUCTION. A tax DEDUCTION is indeed possible, if you are fortunate enough to have the timeshare accepted for donation in the first place. The $5,000 figure cited above is also a bit misleading. More accurately stated, $5k is the "threshhold" of claimed value, above which amount the IRS requires a formal appraisal. Below that claimed value, on the other hand, it's just "fair market value", with no appraisal required, in order to claim a tax DEDUCTION. The net DEDUCTION value depends on your particular tax bracket, but the actual overall reduction in your taxes is likely about 28% of the claimed value of the donated week. I don't know a thing about trejesto, and I'm certainly all for charitable donation, but I felt compelled to correct these particular (and substantial) misstatements, just so that no one gets all starry eyed about the prospect of timeshare donation by taking the incorrectly stated claim in the post cited above too literally. I'm sure that the post cited is well intentioned, but I am equally sure that it is incorrect and misleading as presently stated.[/Q] ======================================== I would like the opportunity to reply to Ken1193: It was not my attention to ever be misleading and I appreciate your input to clarify for anyone reading this that there is a difference between “Credit” and “Deduction”. I am not a tax professional and because of this, I used the term tax credit in the same reference as tax deduction. I apologize for not being aware of the difference (because of your reply, I learned something &#61514;). As for the statement "up to $5000.00" this is a correct statement, it is UP to $5000.00. Many people have paid $10,000 to $30,000 for their timeshare and the IRS allows each individual owner to determine the fair market value for its timeshare donation as a Tax "Deduction". With Timeshares this is nearly an impossible task as there are numerous ways to sell timeshares. You can sell them in an Auction environment, Online, with a walk-in timeshare reseller, newspaper... or there are even resorts that have a list of interested buyers that you can contact, the resale prices of a timeshare can vary by thousands. *** “Trejesto Title Transfers” (www.trejesto.com) is a closing company that works on behalf of “Turpentine Creek Wildlife Refuge”(www.turpentinecreek.org). We handle the transfer of ownership for the timeshares that are donated to them. We have been closing timeshare for over 10 years. On Donating Timeshares, there are many owners that do not even itemize on their taxes so are never even able to take the tax deduction. What they do gain, is the knowledge that they NEVER have to pay another Maintenance Fee, Assessment or any other fees associated with owning a timeshare. They also have the knowledge that they helped a VERY worthwhile cause. It is a win-win situation and who doesn’t want that. Again, thank you for your clarification; It was never my intention to mislead. P.S. I have edited my initial post to say deduction. Andria