Manhattan Club Lawsuit

I agree!

Thanks Holly. I got a notice from RCI that I didn't understand. I'll give them a call. I have a lot of points.

hollyw32 wrote:

Diane B. As long as your RCI membership is paid, you can continue to use any accumulated points. I got rid of TMC last year and I've gone to Aruba 2x using points and have 35,000 points remaining. My RCI membership expires in 2022, so I have until that date to use them or pay $129 for 1 yr to extend it further. Travel and use those points!

Diane, just go onto their website and try to book a trip. Your account info should be all current online and tell you exactly how many points you have , when they expire and if you can extend them( for a fee) Points do expire, so make sure they use those 1st! PS, Aruba is a safe place if you are looking for a destination to travel to! RCI fees are going up in Dec.,so don't wait!

I just got the paperwork to turn mine in. Mine was a half share on a jr. exec suite. I only paid $17k for it back in '05. But the appraisal was for $109K. Inflation can't be that great, can it? I don't what the IRS to come kncking on my door if I claim a writeoff using that value. What did you pay for yours and when did you buy it? Anyone else have a similar experience? Or did you use the original purchase price for the writeoff?

debbiea265 wrote:

When we turned ours in there was an appraised value on the paperwork. It was for the whole unit and was something like $193000. We used that as appraised and wrote off the $27000 as a loss but you only get $3000 per year so will be writing off $3000 for 9 years.

For the record. That loss is not deductible.

You can verify that with you accountant or IRS.

PS - I am an ex-IRS agent.

Who was your appraiser?

Who was your appraiser? What size unit (i.e. - flex, specific holiday, executive suit;, 1-bedroom, # bathrooms, partial kitchen) unit did you have and what type (i.e. - flex, holiday, specific type of year, holiday week)?

howardf62 wrote:

For the record. That loss is not deductible.

You can verify that with you accountant or IRS.

PS - I am an ex-IRS agent.

Is that true even if you had it as an investment? Let's say to rent it out for income? Not for personal use?

Debbie, another poster, who says he is a former IRS agent, says this:

"For the record. That loss is not deductible.

You can verify that with you accountant or IRS.

PS - I am an ex-IRS agent."

So what do you know that he doesn't? Are you sure you can do this? Brian

debbiea265 wrote:

When we turned ours in there was an appraised value on the paperwork. It was for the whole unit and was something like $193000. We used that as appraised and wrote off the $27000 as a loss but you only get $3000 per year so will be writing off $3000 for 9 years.

donalds207 wrote:

Who was your appraiser? What size unit (i.e. - flex, specific holiday, executive suit;, 1-bedroom, # bathrooms, partial kitchen) unit did you have and what type (i.e. - flex, holiday, specific type of year, holiday week)?

You didn't specifiy who your query was meant for, but in case it was me, the appraisal was part of the deedback papers. I did not have it done. It's a half-share of a jr exec suite. Brian

Not trying to rat anyone out, but another poster here believes she can write off her loss. But anyone can see that if you scroll back thru the posts.

howardf62 wrote:

For the record. That loss is not deductible.

You can verify that with you accountant or IRS.

PS - I am an ex-IRS agent.

People can believe what they want to believe. However, personal losses are not deductible. Saying you have an appraisal is irrelevant. An appraiser is an expert in valuation, not taxation. If you make the case it was a Ponzi scheme, it would still have to be in connection with an investment. And a one week timeshare is not considered real property by the IRS. So, unless you want to get acquainted with one of Joe's new IRS auditors, get competent professional advice.

Could you tell me if there is a specific person at TMC I should contact to get the forms?

Thank you.

williamm465 wrote:

The "buyback" program is not on hold. Two weeks ago I called TMC for the paperwork and it was received in about seven days. I filled out the forms, had them notarized and returned them. I don't know if this matters, but my maintenance fees are current and I have no mortgage.

Talk to your accountant or CPA. We did

Just call the main number, and ask to be connected to someone who can help you with the date back program. They're all very helpful.

nathanz2 wrote:

People can believe what they want to believe. However, personal losses are not deductible. Saying you have an appraisal is irrelevant. An appraiser is an expert in valuation, not taxation. If you make the case it was a Ponzi scheme, it would still have to be in connection with an investment. And a one week timeshare is not considered real property by the IRS. So, unless you want to get acquainted with one of Joe's new IRS auditors, get competent professional advice.

True, most timeshares are not considered real property by the IRS. But, in the case of TMC, unlike most timeshares, the property is deeded. I paid property tax on it. Seems like real property to me! Still, I'm reluctant to clain it as a writeoff without further guidance.

Brian, when I last checked, you had to own a minimum of 13 weeks in a fractional interest to qualify for real property treatment by the IRS. The City of New York operates under its own rules, for property tax purposes. The other poster is referring to writing off $3k per year, which is only allowed for capital losses in excess of capital gains, not other kinds of losses (theft, casualty or disaster.) So unless this was an investment which is pretty much ruled out in the paperwork attached to the purchase, it cannot legitimately be taken as a capital loss.

PS, you pay property tax on your car, too, but that doesn’t make it real estate.

I don’t have space for all the disclosures I should give you, so don’t take this as personal tax advice; but tell your tax advisor what you’ve already heard before you ask for their opinion. He or she may reconsider their (unspoken) thoughts.

You can’t take capital losses unless it is business related.

My maintenance charges were due early this year. I have not paid them and recently received a letter stating a 16% late fee will be added . Is this the normal progression of the club attempting to receive payment