Original Message:
Tax deductions for donated timeshare --- maybe not... (by KC):
patw170 wrote:I sincerely hope that you are correct, but the "appraisal" itself is one which would have to pass muster with the IRS before being accepted as legitimate or accurate, in the event that you were actually audited. What are the qualifications of (or value basis from) the "appraiser"?I paid $1895 for the cost, plus $225 for appraisal - all of which is tax deductible........ You also get to write off the appraised value, which mine was close to $9,000.
I'm certainly no tax expert, but it seems logical that the "fair market value" of ANY timeshare is quite simply what its sells for, today, in the current market. If, for example, the same week at the same facility sells for $50 on eBay at the time of a donation, then the "fair market value" of a donation during that time frame would then appear to be $50. (I'm NOT suggesting that's all your timeshare was worth, I'm merely making an observation on the "fair market value" issue).
I'm glad that your donation was completed, but whether or not the expenses and figures cited above as "tax deductible" could / would actually withstand IRS scrutiny perhaps still remains to be seen...