Original Message:
Re: How to get rid of a timeshare you no longer want .... (by KC):
Andria acknowledges, quoted in pertinent part:
>> I appreciate your input to clarify for anyone reading this that there is a difference between “Credit” and “Deduction”. I am not a tax professional and because of this, I used the term tax credit in the same reference as tax deduction. I apologize for not being aware of the difference (because of your reply, I learned something ). <<
It's good of you to belatedly acknowledge this critical difference and your error, but with all due respect you should be well aware of the details of these tax matters BEFORE posting information in Internet forums for all the world to see. =======================================
Re: >> As for the statement "up to $5000.00" this is a correct statement, it is UP to $5000.00. Many people have paid $10,000 to $30,000 for their timeshare and the IRS allows each individual owner to determine the fair market value for its timeshare donation as a Tax "Deduction". <<
I'm sorry, but I think you're still mssing a critical point here. A professional appraisal is specifically required by the IRS for any taxpayer claimed value over $5k. That was my point in addressing your misstatement --- and it remains my point now in doing so. ONLY below $5k of claimed value (original purchase price is completely and entirely irrelevant) can the owner determine "fair market value" on his/her own without an appraisal. Then (and only then) do the determinants of other listings, other sales, etc. enter into the picture without the IRS requirement for an appraisal.
Again, yours is surely a noble cause, but I respectfully suggest that you really and truly should consult with professionals BEFORE posting this kind of tax law misinformation on the Internet. I'm sure it's not your intention to willfully deceive anyone, but wrong information is still wrong information. It would be much better for all concerned to simply be correct from the outset, at least in my personal opinion.