Note: Please do not post ads in the timeshare forums. If you want to add a timeshare posting, go here.

Original Message:

Re: Getting rid of your timeshare (by Dr. K.):

jayjay wrote:
The reason drk's organization holds the title for 36 months is they're merely waiting for the resort to foreclose .... it's an out and out scam and the scam operation doesn't care as is stated on their website.

Here's another example of not bothering to read previous posts or reading our website.

The reason isn't to wait for the resort to foreclose. It's to comply with IRS regulations.

The IRS states clearly that any resale of a non-cash asset by the charity is used to determine the FMV of that assert for donation purposes. However, if the asset is NOT sold within 36 months the donor may claim any value up to either what they originally paid for it or the amount for which a certified appraisal is required. For timeshares that limit is $5,000.

If the charity sells the asset before the 36 months, the charity is require by the IRS to submit a Form 8282 plus a copy to the donor notifying the IRS that the donor may be required to submit an updated tax return and pay back any overage refund they received. If the amount of tax refund difference (not the donation credit taken) was $5,000 or more for that specific donation a penalty may be assessed.

To protect the donor from this concern we hold title for 36 months before we do anything with it. If the resort chooses to foreclose prior to that 36 months that is not considered a sale and does not trigger the Form 8282 requirement. When the 36 months is completed we offer it back to the resort if they want it.

Interestingly, only 1 resort has accepted it back. The reason was explained previously in this thread. It's due to accounting principles dealing with the value of non-performing assets. Please review earlier in this thread.

SCAM - here are 3 definitions found on the Internet within the first two Google listings. A fraudulent business scheme; a swindle - (www.thefreedictionary.com/scam) a fraudulent or deceptive act or operation - (www.merriam-webster.com/dictionary/scam a dishonest way to make money by deceiving people - (www.learnersdictionary.com/search/scam)

Nothing we do is dishonest. Everything is according to IRS regulations. We state clearly and honestly what and how we accept timeshare donations. There is nothing illegal in what we do. Therefore, why do some people continue to think they can use words indiscriminately and incorrectly? Who is perpetuating a scam or deceptive belief here?

I have this thread triggered to tell me when it changes so I can defend the truth. I will continue to present that truth in defense against dishonest, unfounded, and idiotic diatribes. Everything I present is backed up with direct references. Is it too much to ask opposing opinions to act as maturely in this discussion?