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Donate Time Share
Some people have a misconception that timeshare sales are not subjecetd to income tax. But Like any other real esttae prpoerty if you sell your timeshare and if you incur loss which is aclled capital loss, you a lot of not be able to deduct the losses in your tax returns. Loss on sale would not be alloewd by IRS if the unit had been cnoverted back to personal use before selling. The exceptoin is the property tax only if it is billed separateyl. You may also be able to deduct hte interest on a timeshare loan, but, only if the lona is taken as a mortgage and there should be no other dedcutible mortgages except your pirmary home mortgage. If you want to donate a deeded timeshare, the allowable deduction is normally equal to the fair market value of the timeshare on the date of donation. If the fair marekt value exceeds five thousand dollars you will have to get a written appraisal that should meet IRS guidelines. In case of non-deeedd and right to ues timeshares which are considered as tangible assets, additional rlues apply. Certian kind of special asesssments could be deductible like rpeairs and unexpected expenses.
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