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January 5, 2007, Newsletter Issue #28: Donating Timeshare
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Tip of the Week
Sometimes sellers would actually be better off financially donating their timeshares and claiming it on their year-end taxes.
The average person spends anywhere between $800.00 and $3,000.00 trying to market their timeshare which eventually sells for $1,500.00 to $4,500.00. How about donating your timeshare? The cost to donate is usually nothing unless there is a need to request a lost deed from the county (a $25 charge) or if they have to draft an Affidavit of Death due to the deeded owner's passing ($75 fee). The closing process is around 4 to 6 weeks if there are no unforeseen circumstances. Then, as soon as they transfer the ownership of your timeshare, the charity that you have chosen will send you a receipt for your tax write-off. Your donation receipt will be determined by the fair market value of your donation.
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