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Getting rid of a time share. (by Julia S.):

redbird How does one get rid of a timeshare that we no longer use and can't sell for just one maintainace fee or less. Regarding "Timeshare Relief"-- We owned a timeshare in New Orleans (and love New Orleans) but could not visit each year. Because of Katrina, unfortunately the desire to visit there had declined at the time. We were not successful in renting out our booked week or selling the floating week, so we used "Timeshare Relief" to rid ourselves of it. We did pay over $2,000 for this and are now glad we did. What we sold to them was not deeded to Timeshare Relief. The company did what they said they'd do for us: legally took it off our hands using a Timeshare closing service. The IRS told me that you cannot write off a timeshare loss unless you rented it out a good percentage of the time (I don't know the exact percentage), so we did not claim it as a writeoff. I definitely don't think this is a great idea for timeshare owners, as it probably puts a lot of rental weeks on the market competing with other deeded owners who are trying to rent weeks they cannot use.