DVC and taxes? Please advise.

Aggie_10 · 08-24-2004

We're looking at buying into the DVC and I was curious as to whether or not any of the costs are tax deductible. Does anyone know? Thanks in advance for your help.

**mickey** · 08-24-2004

Unless you can declare your DVC unit as your primary residence (that might be true for some of us!), none of the expenses are tax deductible. If your company owned it, and used it as a corporate getaway, etc, then yes, it would be deductible to them, but not to you personally.

Aggie_10 · 08-24-2004

Thanks a lot!

karliebug · 08-24-2004

If you take out a home equity loan to purchase it, then the interest on the loan would be tax deductible.

pbharris4 · 08-24-2004

I was told that it would be deductible, but we did a home equity to add onto the house anyway so we put it on there anyway.

FastPass007 · 08-24-2004

Open up a small biz...and, figure out a way to have a corporate getaway or something with it. We've saved tons that way.

skwak · 09-06-2004

Quote:

Originally Posted by mickey

Unless you can declare your DVC unit as your primary residence (that might be true for some of us!), none of the expenses are tax deductible. If your company owned it, and used it as a corporate getaway, etc, then yes, it would be deductible to them, but not to you personally.

Mickey,

Doesn't a portion of the dues go to property taxes? Wouldn't that portion be deductible??

**mickey** · 09-06-2004

Quote:

Originally Posted by skwak

Mickey,

Doesn't a portion of the dues go to property taxes? Wouldn't that portion be deductible??

Sorry, I misspoke. I should look these things up before talking. According to the IRS, timeshare property taxes are deductible on schedule A. That is if you do not rent out your weeks to anyone else. If that is the case, then only a portion of the taxes are deductible, while you would then have to take the rental money into income.

Personally, I pay about $900 per year in fees, and my guess is about $200 or so of that is property tax, if that. For me, it just isn't worth the effort. If I owned 2,000 points or something, then it would probably be worth it.

The reason that I answered how I did initially, is that we also own some Marriott Timeshare property, and I was told by my accountant about 7 years ago, that the property tax was not deductible. I am not sure if the law has changed over the years, or if my accountant was wrong. Based on experience, I will go with the second option.

I would suggest you contact your accountant. I just play one on the internet.

08-24-2004	#1 (permalink)
Aggie_10 Mouseketeer Join Date: Aug 2004 Posts: 70	DVC and taxes? Please advise. We're looking at buying into the DVC and I was curious as to whether or not any of the costs are tax deductible. Does anyone know? Thanks in advance for your help.

08-24-2004	#2 (permalink)
mickey Administrator Join Date: Sep 2001 Posts: 6,232	Re: DVC and taxes? Please advise. Unless you can declare your DVC unit as your primary residence (that might be true for some of us!), none of the expenses are tax deductible. If your company owned it, and used it as a corporate getaway, etc, then yes, it would be deductible to them, but not to you personally. __________________ Frank Costanza: You can drop a grand in Disney World, like that.

08-24-2004	#3 (permalink)
Aggie_10 Mouseketeer Join Date: Aug 2004 Posts: 70	Re: DVC and taxes? Please advise. Thanks a lot!

08-24-2004	#4 (permalink)
karliebug Queenbee of MB Join Date: Apr 2003 Location: Pocono Mts. PA Posts: 2,372	Re: DVC and taxes? Please advise. If you take out a home equity loan to purchase it, then the interest on the loan would be tax deductible.

08-24-2004	#5 (permalink)
pbharris4 Senior Mouseketeer Join Date: Jun 2003 Location: Spotsylvania, VA Posts: 148	Re: DVC and taxes? Please advise. I was told that it would be deductible, but we did a home equity to add onto the house anyway so we put it on there anyway. __________________ DVC Member since 2002 1984 Disneyworld 1987 Disneyland 2/01 Grosvenor Resort 1/03 Beach Club Villas 7/04 Boardwalk Villas 7/05 Saratoga Springs Villas 4 Nights/3 Night Disney Bahamas Cruise [link=http://www.TickerFactory.com/] [image noborder]http://tickers.TickerFactory.com/ezt/d/4;10732;128/st/20050715/e/Until+Vacation%21%21/k/3145/event.png[/image] [/link]

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DVC and taxes? Please advise.

08-24-2004	#6 (permalink)
FastPass007 Registered User Join Date: Aug 2004 Location: Las Vegas, NV Posts: 17	Re: DVC and taxes? Please advise. Open up a small biz...and, figure out a way to have a corporate getaway or something with it. We've saved tons that way.

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