Deeded Timeshare? Yay or nay? (cost, drive, time share, buy)
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Hi everyone! A relative wants to deed me a paid off timeshare. Now, I have always been leery of these and granted don't know much about them. I have several that I can choose from, all are paid off and have annual fees ranging from about $300 to $1000.
I know that there are strong feelings about timeshares. I also always heard that if you ever wanted to sell one, well...good luck.
Fees only go up, You can't sell it for more then 10% of what you paid/got for it. Do you want to go there?
Most are "Given" away for free just to get out from under the Fees/Taxes.
Thank you. I am not surprised to hear that and sort of thought it had to be something. I didn't think about the fees going up, but of course you're right. And I absolutely don't want to be wedded to something like that.
Yeah and you can't even sell it???! No thanks! I didn't want to just flat out say no to the relative before I checked it out further. The concept of a timeshare never seemed good for us, but again, I know people who love them.
Oh wait, I just reread your post. Taxes??? Please explain, how would the taxes work???
Oh wait, I just reread your post. Taxes??? Please explain, how would the taxes work???
Here is the explanation about taxes for timeshares from Quicken
Property Taxes
If you're a "deeded" owner -- you co-own the unit, not just a block of time -- the local government will hit you up for property tax. You can deduct property tax payments, under the same rules as you take it off on your primary home. Taxes based on the value of the property are deductible. Taxes that raise money for improvements that benefit the time share, such as new streetlights, are not.
Here is the explanation about taxes for timeshares from Quicken
Property Taxes
If you're a "deeded" owner -- you co-own the unit, not just a block of time -- the local government will hit you up for property tax. You can deduct property tax payments, under the same rules as you take it off on your primary home. Taxes based on the value of the property are deductible. Taxes that raise money for improvements that benefit the time share, such as new streetlights, are not.
Dont do it, that relative is just trying to get that timeshare off of their plate. They are likely paying thousands a year in "maintenance costs." My mom gave my sister one and she was PISSED when she got the bill for fees. You can get timeshare for $1 on ebay. There is a reason.
The conventional wisdom when BUYING timeshares is only to buy something that is within a days drive and where you know you would want to spend time every year. My stepmom had one in Daytona. She had it listed for 15 years and ended up being bought out by the condo after hurricane damage. But you can't always count on that!
Thanks everyone. I'm going to graciously decline the offer!!!!!
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