Stop the Fees & Give Timeshare to Charity
If your timeshare donation’s Fair Market Value is estimated to be over $5,000, you will need a timeshare appraisal in order to file the claim. Yes, if we determine that your timeshare qualifies for donation, once the process is complete, you will be free and clear of the responsibilities of ownership. No more waiting in hopes that your timeshare will sell. As long as your timeshare can be accepted into our program, our service is guaranteed to relieve you of the obligations of vacation ownership. You will no longer be responsible for yearly maintenance fees or possible special assessment charges.
- It should be noted that every situation and timeshare ownership is different.
- Giving Center will gladly assist you throughout the donation process, from general questions about your timeshare transfer to information about the timeshare tax deduction.
- This information will help speed up the timeshare transferrable process, thus saving you money.
- Since your marketplace is the resale market, that value should be equal to or close to what you could actually sell the week for.
- To determine the Fair Market Value of your timeshare, you should speak with a CPA or financial tax adviser.
In this instance, if you donate a timeshare to charity, that donation will backfire. The IRS states that you may claim the fair market value of the timeshare on the date you donated it. If you are claiming the fair market value as greater than $500, you will need to fill out Form 8283 to submit with your tax return. If you are claiming the fair market value as greater than $5,000, you will also need a written appraisal that meets IRS guidelines. Give Back Charities provides financial support to community members through scholarships and donations. By assisting these hardworking individuals in their time of need, Give Back Charities hopes to create a "pay-it-forward" effect.
Why Donate Your Timeshare?
Please carefully review our full disclaimer before proceeding. DonateMyTimeshare.org was founded to help owners and charitable organizations through the sometimes complicated process of donating a timeshare. No hidden costs, fees, or commissions – And once the transfer is complete you no longer have to pay maintenance fees.
If for some reason your timeshare cannot be accepted, we will inform you in the beginning to avoid any costs that may occur. Someone contemplating a timeshare donation with a resulting tax benefit should ensure that it’s the ownership of the week that is to be donated. The tax law specifically prohibits a tax deduction for donating the use of a week (e.g., donating this year’s week) to charity. If you are a timeshare owner looking for a way out of your agreement but at a crossroads, reach out to Wesley Financial Group, LLC for assistance.
Who Buys Timeshares From Owners Needing to Sell?
If you donate to St. Jude Children’s Research Hospital, for example, you do it because you want to help them treat sick children. That usually takes the form of giving them money or valuable resources they can use to fulfill that goal. Founded in 1979, this nonprofit organization helps to assist victims of sexual and domestic abuse via prevention and intervention programs. Timeshare donations are also accepted by the NFCR to fund new research for earlier diagnosis, treatments, and cure for the dreaded disease. This non-profit organization aims to use proceeds in training and allocating service dogs for individuals with hearing issues and/or disabilities. This organization works with various non-profit groups across the globe.
If you have questions about the process, feel free to contact us. Selling a timeshare on your own, can consume a lot of money, time, and energy. We take care of the transfer process and paperwork for you. This means that you do not have to continue to pay the maintenance fees, taxes, and the special assessments while the timeshare sits on the market. Timeshare Donation Tax Write-Off The IRS states that you may file to deduct the “Fair Market Value” of your timeshare donation, should your gift qualify.
If you’re able to pay off the reminder of your mortgage, speak with our team to discuss your donation options. While some owners have been able to sell their timeshare, typically the average timeshare owner spends $500-$3,000 in advertising their timeshare for sale. Unfortunately, most timeshare resales don’t sell for their original purchase price. A timeshare can sit on the market for a very long time and may not sell at all.
Costs to Get Out of a Timeshare On average, it costs about $5,000 to $6,000 and takes 12–18 months to get out of your timeshare contract using a timeshare exit company. But the cost and the timeframe can vary depending on a number of factors including, how many contracts are attached to your timeshare. The People’s Advocate maintains this website exclusively for informational purposes.