Report Abuse

Re: Getting rid of a time share.

Ellensue, I am pleased to read that a charity accepted your timeshare. Most charities will not accept a timeshare that has no value because if it is an albatross around your neck so will it be to them. I looked at the "Florida Veterans Assistance, Inc" web page and saw a lot of red flags. Their timeshare page says they pay a finders fee for timeshare donations. Seems strange for a non-profit charity and they do claim to be a 501(c)3 corporation. The page tells you that you will "get up to $5,000 in Tax Credit" for the donation. That phrase was not drafted by a CPA or a tax attorney because there is a significant difference between a credit and a charitable deduction. A credit is a dollar for dollar reduction in your total tax bill whereas a charitable deduction is subject to many restictions and varibles that affect the amount of the deduction allowed. You would not be entitled to a tax credit for the donation. There are several other red flags on the page but who am I to say whether the charity is on the "up and up"? It is a good sign that you did not receive a maintenance bill in January. Still it might be a good idea to ask Florida Veterans to fax you a copy of the recorded deed, a copy of the exempt status letter from the IRS as well as a copy of the Form 1021 filed initially with the IRS, a copy of their letter to the resort requesting a change in ownership on their records, and a closing statement setting out how the $450 in closing fees you paid them was distributed. A 501(c)3 charity should not make any money on the closing process. If they fail to respond to you then for your own peace of mind you should call the County Clerk in the county where the timeshare is located and ask for a search of the grantor index which will lead the clerk to the volume and page for the recordation of the deed from you to the buyer. They will funish you a copy of the deed for a fee. If the owner of record appears from the name on the deed to be a questionable donee - name is of a non-existent corporation, trust, and etc - then you may have cause for concern. Hopefully, your attorney reviewed all the documents involved in the transfer. Again, it seems like you are among the fortunate few to "get rid of a worthless timeshare" by giving it to a charity and I commend you. By the way, just out of curiosity, in what state did you attend elementary school?