i do not want to keep paying dues over and over, and i am not using the timeshare. i would like to donate it to a charitable organization. please help with any helpful information.
Chapter 11 Bankruptcy Attorney
The deduction would likely not be much.
Generally speaking, you can only deduct your basis if the charity keeps the item; if it sells it, you can only deduct the sale value.
And unless it's Disney or an older contract for one of only a couple of locations, the sale value is $1 and the charity won't bother taking it. Look at ebay; you can buy them there all day for that price.
But that could also be your best way to sell it . . .
There was a time when charities were taking time shares, but no longer. The reason is simple, time shares are not assets but liabilities. They have connected to them a lifetime of maintenance and other fees. If you are interested in disposing of your time share and being relieved of your lifetime of financial obligations you can contact my office and discuss the other options to dispose of your timeshare.
Please visit the website www.timesharelegalaction.com for more information on this subject.
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