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Should You Sell or Donate a Timeshare?
- By Amy Wells
- Published 04/12/2007
- Selling Real Estate
- Unrated
Amy Wells
Amy Wells writes about money-saving vacations. Get the facts about buying timeshares and other timeshare information at: http://www.timeshare.yourtechtool.com.
If you are considering selling your timeshare, or it has been on the market for a while, and you still haven't sold it, you may want to consider donating your timeshare to charity. If your timeshare is for sale, you've probably spend a good chunk of money on marketing and advertising the sale, in addition to paying on-going maintenance fees on the property. Donating your timeshare will stop the financial bleeding, and offers a variety of benefits.
Donating a timeshare is a quick way to resolve your real estate burden. There are no upfront fees, the charity will handle the timeshare transfer process for you, and it is taken care of quickly. Many charities will let you start the process online, and then contact you to finish up all of the paperwork. And of course, you will have the knowledge that your donation went to help a worthy cause.
One of the main advantages of donating is the tax write-off benefit. While you will generally receive more money if you sell your timeshare, if you like the idea of donating, you will still get some financial benefits. Once the timeshare transfer is complete, the charity will send you a receipt as proof. There is usually not a dollar amount attached, which is what you will need to determine yourself. Keep in mind that if the fair market value of your timeshare is over $5,000, you will need to get an
'AppraisalDonating a timeshare is a quick way to resolve your real estate burden. There are no upfront fees, the charity will handle the timeshare transfer process for you, and it is taken care of quickly. Many charities will let you start the process online, and then contact you to finish up all of the paperwork. And of course, you will have the knowledge that your donation went to help a worthy cause.
One of the main advantages of donating is the tax write-off benefit. While you will generally receive more money if you sell your timeshare, if you like the idea of donating, you will still get some financial benefits. Once the timeshare transfer is complete, the charity will send you a receipt as proof. There is usually not a dollar amount attached, which is what you will need to determine yourself. Keep in mind that if the fair market value of your timeshare is over $5,000, you will need to get an
A professional opinion of the value of a property by a licensed real estate appraiser'); return false">Appraisal to claim that amount on your taxes. You will need to pay for the appraisal yourself, which is often in the $300-$500 dollar range.
There are many places to donate your timeshare. One of the major timeshare resale websites, www.sellmytimesharenow.com, has a donation option. In addition, there are sites that handle timeshare donations only, such as www.donate-a-timeshare.org. Or, if you have a favorite charity, many charities are able to handle timeshare donations themselves.
In order to have a smooth transfer of the timeshare over to the charity, there is some paperwork and initial information you will want to collect. You will want all of the resort contact information, and additional paperwork, such as any exchange agreements. The deed to the property, the membership agreement to the resort, and any financing information, if it is still being financed, are also necessary. You'll also want to gather your maintenance fee information and any real estate taxes.
If you decide to donate a timeshare, instead of selling, you will, in many cases be saving yourself from the time and hassle involved in advertising and marketing your timeshare. In many cases, you will be receiving a tax benefit, plus the gift of donating to charity. While you may not receive the full amount of money you would from selling, you will gain piece of mind.
