Is it true that donate for a cause - time share can be a tax write off? And are they a true company?
Hello I am a licensed attorney here to help you with your question.If you cannot sell the timeshare or rent out the unit, a donation to a charity does reap some tax benefits.If donating a deeded timeshare, the deductible contribution amount will normally be equal to the Fair Market Value (FMV) on the date of donation.However, if you donate the unit, your proceeds will come from the tax savings associated with your tax deduction. If you are in a 28% tax bracket, your tax savings will be approximately 28% of the value of the unit. Thus, if you could sell your week for $5,000, you would net $5,000 before considering selling costs. But your tax savings from a donation would be only $1,400 (28% of $5,000). The price at which you can sell the unit is normally about the same "fair market value" as what your charitable deduction should be for a donation of the week.The tax benefits are minimal but if you have no choice it may help you get rid of the yearly fees you pay as wellCustomer :Are donate for a cause a good companyWallstreet Esq. :What is the exact name of the company?Customer :Donate for a cause donation or Resorte Closings,Ink 3901 trakker trail sw # ***** Bozeman, MT T59718 phone # **********Wallstreet Esq. :http://www.donateforacause.org/press.htmlFrom my review it states they are a 501 c3 organization, and looks legitimate, I would have them send you documentation and references as well before you commit to their program.Customer :they have sent me paper work can I send it to youWallstreet Esq. :We cannot review it here, but you should ask them for phone numbers of customers and I would contact them specifically and see how they act.If you want to check the federal status, it is possible to check on line at www.guidestar.org, which contains the Form 990 tax information returns for most charities in the country but is not an official list, or on the IRS website, which provides the official list. The most direct way, of course, is to ask the organization. If it is a charity and files a Form 990, 990-EZ, 990-N, or 990-PF tax information return, it is obligated to give you a copy.If they are truly a charity the IRS will confirm it.