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5 Steps to Getting a Tax Break When Donating Your Timeshare

 

 

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Do you have a timeshare that you’re desperate to eliminate? You may qualify for a tax break if you decide to donate it.

Consider these important tips about how to get that tax break by donating your timeshare:

5 Steps to Donating Your Timeshare and Getting a Tax Break

1. Find a qualified charity.

The first step is to find a legitimate charity willing to accept your timeshare. The charity must have a 501(c)(3) designation from the IRS in order for you to get a tax deduction.

2. Research the charity.

You shouldn’t have to pay upfront fees to get rid of your timeshare. However, you may have to pay transfer fees once it’s accepted.

3. Be careful about middlemen or brokers.

They may promise to help you donate to the charity, but they can charge high fees and take months to get rid of the timeshare.

4. Get  your timeshare appraised.

If you want to claim a tax deduction of $5,000 or more, then you need an official appraisal of the value of your timeshare.

  • You can only get a deduction for the fair market value.

5. Transfer the title to the charity.

Keep copies of all your paperwork related to the transaction and claim your deduction when you file your taxes.

 
If you’re ready to get rid of your timeshare, then you may want to consider donating it. You can get a nice tax break for your trouble if you follow these tips.

 
 

 
 
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