Post reply
Original Message:
More questions come to mind here... (by KC):
drk14 wrote:I do not (and will not) profess to have any knowledge or expertise in the arena of tax law, nor will I offer opinion or comment on the ethical aspects here. That much clearly stated, two specific items from the quoted statement above still raise my eyebrows:In the last three years, only 1 timeshare has gone to foreclosure and many have refused to accept the deed back at the end of the 36 months. Interestingly, the resorts seem to prefer carrying an unpaid due bill instead of losing that "positive" asset and regaining ownership of a timeshare holding no value until resold. Since a foreclosure is NOT a sale, it does not trigger a Form 8282 alteration to initial granted FMV of the donation.
1. I would have assumed that many (perhaps most) facilities would challenge from the outset the validity of ANY new deed in which a timeshare ownership morphs from identifiable individual(s) into the name of a corporation (non-profit or otherwise). I also find myself wondering how many established timeshare closing companies would willingly conduct a timeshare closing in which the new grantee is a "corporation" (non-profit or otherwise).
2. Aside and apart from point 1. above, I would have assumed that very few resorts would actually endure 3 years of unpaid bills before initiating foreclosure proceedings. Accordingly, your assertion that you've experienced only ONE such foreclosure is quite surprising...