Capital Gains and Losses

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Capital Gains and Losses

My name is ***** *****. I've owned a timeshare years. It is

Customer Question
Customer: Hi My name is...
Customer: Hi My name is ***** ***** Diaz. I've owned a timeshare for many years. It is paid in full and I do not use it as I used to. The maintenance fees have gotten ridiculous. I just got a bill for $850, which is almost as much as the mortgage for my house. I heard of programs were I can just surrender it. How do I go about that and is there a tax write off?
JA: Thanks. Can you give me any more details about your issue?
Customer: My issue is that I do not want to own it anymore. I've tried selling it many times...but those resale companies are bogus. They take your sales fee and promise you the moon, but never deliver. I just want to surrender the timeshare and not be liable for the "maintenance fees" anymore and find out if I do so if there is a tax benefit for the loss or gift of the property.
JA: OK got it. Last thing — JustAnswer charges a fee (generally around $18) to post your type of question to Capital Gains and Losses Experts (you only pay if satisfied). There are a couple customers ahead of you. Are you willing to wait a bit?
Customer: Yes I will wait.
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Submitted: 2 years ago.Category: Capital Gains and Losses
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Answered in 14 minutes by:
1/6/2016
Tax Expert: Stephen G., Financial Advisor replied 2 years ago
Stephen G.
Stephen G., Financial Advisor
Category: Capital Gains and Losses
Satisfied Customers: 7,245
Experience: Senior Tax Expert; CPA/PFS(retired)Personal Financial Planner; Small Business & Professional Mergers & Acquisitions
Verified

Unfortunately, sometimes giving something away that has turned into a liability is not that easy.

If you don't pay the management fee, eventually the Time Share association will foreclose on the timeshare, just as they would if you owed a mortgage on the unit.

Unless you can find someone that would like the unit to use in exchange for taking over the management fee, I'm afraid that not paying the management fee is your only option.

In the past, sometimes unit holders in your circumstances have been able to turn their units over to owners of other weeks of the same or comparable units either before or after the week you own. You might consider that.

There is no tax loss that may be claimed on gifting the unit, unless you could find a charitable organization that would want the property, and you could tax a charitable contribution itemized deduction, if you are able to itemize deductions. If you have been able to rent the week in the past, that might be a possibility.

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Customer reply replied 2 years ago
I'm not entirely satisfied with that answer. I was actually contacted a few months ago by a service that said I could relinquish ownership and that I could be free of any liability to the maintenance charges. Unfortunately I lost that online link, but will try to establish a contact and refer it to you for any future inquiries you may get. How do I get my refund for this charge?
Tax Expert: Stephen G., Financial Advisor replied 2 years ago

I'm sorry that you are unhappy with my suggestions, but please be careful with that link. If it is the one I'm thinking of check the "Scam" reports. You will need to recheck your contract as I believe that you will find that just giving up the title doesn't relieve you of the maintenance fee responsibility as although the website makes promises about assuming the maintenance fees in exchange for the title to the timeshare; that's not effective unless the management company or owner's organization accepts the new owner. These organizations keep changing entities, names, corporations, etc., to the point where the title is impossible to follow without a lot of legal legwork & $ which is just good money after bad. Remember the general rule is that you can give up or assign rights (in this case your deed) but you can't assign liabilities (in this case your obligation to pay the management fees). Thankfully this doesn't come up too often, and I only tell you this as I hate to see you get taken again. That's the last place I'd send you to a website like that.

You merely need to ask Customer Service for a refund; we offer a 100% satisfaction guarantee; you are more than welcome to exercise that guarantee. Sometimes we just can't give you the answer that you hoped for. I'm sorry that there isn't a better course of action I could recommend for you. Good luck solving your problem.

Steve G.

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Tax Expert: Stephen G., Financial Advisor replied 2 years ago

Have you been able to contact customer service to obtain your refund?

If so great, I'm just trying to make sure you are satisfied with us here at JustAnswer.com

If you've changed your mind, then I would appreciate it if you would take a moment to rate my response as that is the only way we receive credit for our work.

Thanks very much,

Steve G.

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Stephen G.
Stephen G.
Stephen G., Financial Advisor
Category: Capital Gains and Losses
Satisfied Customers: 7,245
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