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Roger
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31223
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I want to get rid of my time share. Can I donate the property?

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I want to get rid of my time share. Can I donate the property? What if I stop making payments? Can I claim it on my taxes the lost?

Roger : Hi - my name is XXXXX XXXXX I'm a Real Estate litigation attorney. Thanks for your question. I'll be glad to assist.
Roger : Yes, you can donate the property if you can find a willing recipiet, but any transfer would be subject to any loan that is outstanding against the property, and the recipient would also have to maintain any fees, dues, etc.
Roger : If you were to stop making payments, the lender or association would be able to foreclose against you and the property for the amount due.
Roger : If you experience a financial loss from the transfer/sale/foreclosure of the property, then it should be possible to claim that loss on your taxes. However, I would defer to an accountant/CPA on an issue of that nature; but it should be possible to clam this loss
Customer:

Thank you for the guidance, I will support the information that you have given me. i feel the maintenance fees are grossly overstated.

Customer:

Ted

Roger and 5 other Real Estate Law Specialists are ready to help you
No problem, Ted. Please let me know if you need anything further.

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