Donating a timeshare property to charity is a new idea that is gaining momentum with timeshare owners everywhere. Do you have some timeshare property that you no longer want or need? Have you tried to sell your timeshare property? If so, there is a pretty decent chance that you have had some trouble finding a buyer.
Selling a timeshare by owner is notoriously difficult to do. Fortunately for you, there is another option. You can donate your timeshare property to charity. And the best part is that you can get a generous tax write-ff for your donation to charity!
Before donating your timeshare to charity you need to make sure that you are caught up on all of the maintenance fees and any other past due fees associated with the timeshare. Charities only accept timeshare donations when you own the timeshare free and clear and there are no past due fees.
Find out the fair market value (FMV) of your timeshare property before donating it to charity. The TRI Timeshare bluebook (link opens in new window) is a good place to start if you have no idea what the FMV of the timeshare happens to be.
It is important to keep in mind that if the FMV of the timeshare is over $5,000 and you plan on claiming more than $5,000 for the FMV on your taxes, the IRS requires that you have a certified appraisal for the timeshare donation.
You may already have a charity in mind where you want to donate your timeshare. Unfortunately, not all charities accept timeshare donations. To take the guesswork out if it, use a company like Donate For A Cause to make your timeshare donation. This isn’t the only company that does this, just one of the most well known.
The way that a company like this works is that you donate your timeshare to a charity through them. They have a list of national charities that accept timeshare donations and you just select the charity that you want to receive the donation.
Be prepared to sign over the deed and any other paperwork to transfer over the ownership of the timeshare to the charity. When you donate your timeshare to charity, you will get a donation receipt. It is important to hold onto this as you will need it when you file your taxes. You don’t have to send in the receipt to the IRS, but if they audit you then you want to make sure that you have it.
When you are ready to donate your timeshare property to charity, you can expect the entire process to take anywhere from 2 week to 4 four weeks to complete.