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Tony M.
Our national public charity is looking for timeshare weeks for use by our foundation to help children recover from trauma and life-threatening illness. In exchange for a week at your time share (donation of your week) to The NISS Foundation (National Illness & Survivor Support) we will issue you a tax deduction (for US tax payers only) for the would be value of that week.
KC
tonym124 wrote:---------------------------------------------------Our national public charity is looking for timeshare weeks for use by our foundation to help children recover from trauma and life-threatening illness. In exchange for a week at your time share (donation of your week) to The NISS Foundation (National Illness & Survivor Support) we will issue you a tax deduction (for US tax payers only) for the would be value of that week.
Your cause seems to be a noble one, but i would respectfully suggest that you change the title of your posting in order to more clearly reflect that you seeking donation of *USE* of a timeshare week, as opposed to *OWNERSHIP* of a timeshare week.
Last edited by ken1193 on Jan 29, 2008 03:28 AM
Tony M.
Thank you for your message. We will indeed consider such change. Much appreciated. Have a wonderful day.
NISS
Kenneth K.
Tony:
It appears the TUG & Timeshare Today magazines tax contributer might have a disagreement with giving the week to charity and getting a tax deduction. (Unless something has changed).
David on TUG ( I see no dates of the article) noted this....use the link...then scan down to last paragraph under "Donating Your T/S to Charity"...
http://www.tug2.net/advice/TUG_Taxes_and_Timeshares.htm
KC
kekouri notes: >> It appears the TUG & Timeshare Today magazines tax contributer might have a disagreement with giving the week to charity and getting a tax deduction. (Unless something has changed).
David on TUG ( I see no dates of the article) noted this....use the link...then scan down to last paragraph under "Donating Your T/S to Charity"... << -------------------------------------------------------------
I believe that (according to Dave M, a CPA on TUG) there are important distinctions between donating *ownership* of a timeshare and donating a week of *use* to a charity, as far as tax deductions go. This important difference and distinction is precisely why I suggested to the OP (tony) that a more clear distinction between the two be more clearly made in the subject of his posting. I personally think that the subject line as it currently exists is a bit misleading and perhaps not actually worded to best elicit interest or response. But that's not my call to make...
Last edited by ken1193 on Jan 30, 2008 08:59 AM
R P.
kekouri wrote:Tony:It appears the TUG & Timeshare Today magazines tax contributer might have a disagreement with giving the week to charity and getting a tax deduction. (Unless something has changed).
David on TUG ( I see no dates of the article) noted this....use the link...then scan down to last paragraph under "Donating Your T/S to Charity"...
http://www.tug2.net/advice/TUG_Taxes_and_Timeshares.htm
DaveM's advice concerning donating the use of a week of timeshare to charity (last updated March 29, 2006):
"Another frequent question is, "Can I get a tax deduction if I donate the use of my week to a charity?" The answer is “No”. IRS regulations won’t allow a charitable deduction for the gift of a right to use property. Donate the use of a week because you are charitable, but you can't deduct any value associated with the use of the week."
Last edited by jayjay on Jan 30, 2008 07:11 AM
Tony M.
Thank you for your link. This link does provide support to the ability to donate a deeded time share in certain circumstances. Of course our tax attorneys would review each timeshare to see if they qualify and then communicate such qualification back to the intended donor's CPA. In many circumstances this works very well.
-NISS
Mike N.
tonym124 wrote:=========== Tony, can your tax attorney answer the specific question of whether a donated "deeded" week (one time use) is an allowable tax deduction and if so, how is the value of the vacation determined. ThanksThank you for your link. This link does provide support to the ability to donate a deeded time share in certain circumstances. Of course our tax attorneys would review each timeshare to see if they qualify and then communicate such qualification back to the intended donor's CPA. In many circumstances this works very well.-NISS
Kenneth K.
Where's TonyM ???
Tony M.
kekouri wrote:Where's TonyM ???
The comment mentioned before is that the "value" of the week is what is being donated - very simple. For example if the "value" is $2,000 per week, then this is also the donation. This has been confirmed with our legal and accounting counsel. This is very simple. Now, if there are those that wish to do this with our firm please let us know as we are interested in many areas of the US to secure relationships to allow for recovery venues for these children. Thank you in advance to those that are considering such. If you are simply email us at info@nissfoundation.org and we will be happy to discuss your holding/offering. If it progressed from there we can have our counsel speak with your accountant to shore up the details.
-NISS
