Charitable Donations and IRS rules, Relating to Time Share and Giving

Charitable Donations and IRS rules?

What in the world is next? Well, it looks like the government must control every aspect of our lives so now we have all kinds of rules and regulations regarding the giving away of your deeded time share weeks.

This is a sore subject for me. How in the world did the government get involved in our deeded time share vacations? Why should they be involved at all? Well, I suspect that over the years, people who owned deeded time share vacation weeks tried to do some unscrupulous things, and it was brought to the attention of the IRS. So, isn't that the way it always goes?

Well, I have done some research and have come to this conclusion. Don't try anything funny that would attract a red flag and create an IRS audit. It's not worth it.

You can sell your deeded time share weeks, you can rent your deeded time share weeks, and you can donate your deeded time share weeks. In most cases, depending on how many weeks you might own, you would either sell your weeks on the open resale market or give the weeks to your children or relatives when you are no longer making use of your deeded time share vacation time.

Now, for those of you who cannot sell your deeded time share weeks and have no relatives to leave them to, you can take advantage of charitable donations and IRS rules and regulations. Go to this IRS site: IRS Rules & Regulations

There are many rules and regulations about charitable donations. This should not involve people who are mainly interested in Resales where the investment is not that high. If you purchase a time share deeded week for $10,000 to $45,000 and later want to sell or take a loss on your investment, make sure you check the IRS rules and regulations, or you could get into trouble.

Charitable donations and IRS rules should not keep you from donating. Just be careful. From what I read in the IRS publications, if you are placing a donated value on a time share week is should be limited to the "fair market value" of the week. It is not what you paid for the week nor is it the value of the week the developer is currently selling it for. "it is the timeshare resale market" value of the week. Similar to a car, what a willing buyer is willing to buy it for.

Now here we go again, IRS rules. If you value your time share donation at more than $500 you must file Form 8283, with your tax return and if you value the donated time share week at more that $5,000 you must get a formal appraisal. So it goes more and more government control of our lives. Happy Giving Folks.

Also, Can you get a tax deduction if you donate your week to a charity? The answer is "NO". You cannot deduct the use of a week as a charitable value, such as your maintenance fees.

Here are a couple of charitys we have found that you might want to investigate.

National Foundation for Cancer Research

Gifts for Sight Group

We will be adding additional charitable donations and IRS rules. Be sure to check back. So, charitable donations and IRS rules and regulations are important when you are considering donating your time share deeded weeks.

Please note: We do not endorse any of the listed sites to which we direct you. Please use due diligence in checking any organization or prior to doing business with anybody to make sure you received what you expect. We are just providing an easy web site to which our customers can link.

Click our time share blog to keep current with charitable donations and IRS rules.