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Re: Getting rid of your timeshare (by R P.):

drk14 wrote:

We charge a $500 service fee. The closing companies generally charge from $300 to $400 for their services so the final total cost is usually about $850 to the donor. That's not our pure profit. We only get the $500 when the new deed is mailed to us.

As was pointed out above, is the tax incentive the reason for the transaction? No. The donor simply wants out. That's well worth the cost. Because we are a charity and have researched deeply the IRS regulations, we can justify giving a $5,000 income deduction. It's always up to the donor if they want to use all, part or none of that with their tax return. The IRS specifically states that a distressed sale, which most donors are doing, is NOT a factor in determining FMV. In additions, the IRS requirements for an appraisal make it clear that all the distressed sales you find on the Internet are not qualified for an appraisal. Even worse is trying to look at offered prices of $1. Those are not even sales and are never considered in FMV.

In answering your last question, if you do nothing and stop paying the resorts will send you to collections which will certainly come to you in Canada. Can the resorts reverse a transaction they don't like as some people suggest? No. That's not legal. The only parties that have the right to challange a recorded deed are those parties named in the deed. Since the resort is NOT named in ownership, they have no legal right to try to reverse a transaction for any reason. All they have the right to do is continue to bill and place liens against the property in hopes of future payment.

The honest answer is that there is a way to get rid of a timeshare you don't want. Try giving it back to the resort. If they don't want it, try selling it for $1. If that doesn't work contact a few charities to see if they will actually take the deed or only try to sell it for you. If they don't take the deed, a few charities will charge you a fee to take it. Since we never pay resort fees once its in our name, we don't try to charge for future maintenance fees. there are far more expensive ways to deal with your problem, but these are the simple answers.

As I and others have pointed out, look back to the beginning of this forum thread to see specific questions, responses, legal citations and references before you make any decision. Protect yourself by knowing the law and not just listening to opinions.

SCAM period .... we've rehashed this many times on these forums .... you can't deduct $5000 on your income taxes if a timeshare is worth zero .... if you do you're breaking the law and it will come back to bite YOU and the people that do business with you.

You need to try advertising your scam business elsewhere .... actually, I'm surprised your posts haven't been deleted as advertising is not allowed in these forums.