My timeshare is a big fat tax liability

I recently ran into some tax troubles and I need to liquidate some of my liabilities. I have a timeshare that is the very definition of a liability. And as it turns out, getting rid of my accountant was easier. What are my options?

If you're just wanting to get rid of it, you can put it on Ebay for $1. If it's a desirable week in a desirable resort, you will more than likely sell it for $1.

If you just want to give it away, you can give it to a charity.

Yes, timeshares are liabilities money wise. They depreciate the minute you buy from the developer.

And even resales, with yearly rises in maintenance fees and possible special assessments, are a liability. If you don't use your timeshare or exchange it, it's more of a liability than ever.

I'm a timeshare cynic. You truly have to LOVE your timeshare for it to be of value. That's were it's different than owning real estate. Too many people get caught up in timeshares as an investment. Jayjay is right to say most timeshares are worth $1. That's not much of a write off.

This is why you have companies like Timeshare Relief cropping up that take timeshares off your hands for a fee. That fee may be deductible in the same way a business lunch is—a means to an end.

In short it will take a long time to liquidate your "liability" if the going rate on ebay is $1. My advice is either fall in love with your timeshare again or have a long-term outlook.

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I have enjoyed my timeshares as I enroll in II amd RCI in order to trade my weeks other places. You have to definitely use them or they are of no value at all. I guess if you can buy a resale ( never from the developer ) for a fixed week not floating, you can use it best. recently, however, I have found it very difficult to get your week when you have a floating week as the resorts are oversold and there is too much competition for the same week you want. If the week is deeded, as long as it's a week you want, you can always use it or rent it if you don't want to go that year. The maintenance fees are DEFINITELY a rip-off..