Getting rid of a time share.

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Original Message:

Getting rid of a time share. (by Amma M.):

Check with your accountant regarding any write off against capital gains. Purchased Shell Time Share for 60K, and it was foreclosed on in 12/08 due to nonpayment $4,900 (2007) maintenance fees. Accountant advised me that timeshare is personal property, and that loss on foreclosure and/or sale is non-deductible. However, gains are reportable. Timeshare sales reps, are not tax experts, and you should check with your accountant. This organization is likely a scam, as they will attempt to rent or sell after you have paid your maintenance fees. Any sales proceeds will likely be a loss. Make payments on your loan, and if you have the funds pay your fees directly to the time share and hope for the best. Good Luck.