Original Message:
tax question: donating a timeshare that I paid $1 for (by R P.):
brentm99 wrote:As a representative of Donate for Cause I would like to correct jayjay's comment above, it is not our position "that you can write off $5,000 for a donated timeshare no matter what you paid for it...".No matter what you claim you must be able to provide documentation in support of that value and you must act in accordance with the IRS guidelines. We recommend that if you are going to claim any amount you get an appraisal in order to have an expert determine the fair market value and then take that information to a professional accountant and follow their advise regarding the amount you can claim as a chartitable contribution.
With all due respect .... a timeshare's market value is only what someone is willing to pay for it (especially in this economy) ..... there's no Kelly's Bluebook for the market value of timeshares like there is for cars.