Tax help for DVC purchase

[florida girl]

Hi guys,

I know I could ask my accountant or try to look up this info, but thought I'd ask here first b/c everyone seems so knowledgeable! We bought a DVC for cash last April and I am just wondering if any of that purchase is going to be tax deductable?

Thanks!

[DVC Mike]

I would ask a tax professional, and I am not a tax professional.

That said, there are typically two common tax write-offs for DVC:

The portion of the annual dues that are for property taxes
Interest paid on a loan for the DVC purchaseSince you paid cash, you can do the first option, assuming you already don't have a second home.

Depending on the tax treatment selected by your tax professional, you may also be able to depreciate your purchase.

[florida girl]

Thanks DVCMike!

[wendy*darling]

We have 3 contracts. Two are financed (through Disney) and the other we paid cash for.

The only ones we receive a 1098 form for are those that are financed. The only number on that form is the amount of mortgage interest we paid that year.

No property tax info is reported to us for any of the 3 contracts.

I am not a tax professional either, and the rules may vary from state to state, but here in NJ- I can only deduct the mortgage interest I pay each year. The fully paid contract does not apply at all.

[lockedoutlogic]

Hi guys,

I know I could ask my accountant or try to look up this info, but thought I'd ask here first b/c everyone seems so knowledgeable! We bought a DVC for cash last April and I am just wondering if any of that purchase is going to be tax deductable?

Thanks!

Alas...here in the US....high end timeshares are not considered something that the government gives you money back for.....story at 11

But as previously mentioned...property tax portions and I believe any interest would be considered for inclusion on your return

[DVC Mike]

No property tax info is reported to us for any of the 3 contracts.


The property taxes you paid for 2007 are listed on your 2008 Annual Dues statement, which you should have received within the past month.

[wendy*darling]

Thank you Mike! :thumbsup:

For our home- our mortgage interest and property taxes are included on the same form (1098).

Since Disney does not include property taxes on their 1098, it was an assumption on my part that they were not detailed/deductible.

I found the statement (that's DH's territory- I do the taxes) and now I know I can include them on our return this year. (Too bad I didn't know for that past 7 years!)

[tundramom]

The property taxes you paid for 2007 are listed on your 2008 Annual Dues statement, which you should have received within the past month.

DVC Mike-
I'm glad I stumbled on this. Tax returns are in the envelopes as I type.
I checked my statement and SSR property tax is "estimated" is this acceptable?

OOPs, upon reading further down I found the "actual" Thanks anyway, i still have to add this amount in

[lockedoutlogic]

DVC Mike-
I'm glad I stumbled on this. Tax returns are in the envelopes as I type.
I checked my statement and SSR property tax is "estimated" is this acceptable?

OOPs, upon reading further down I found the "actual" Thanks anyway, i still have to add this amount in

you are giving the IRS way too much credit.....you could put a 10,000 business expense for Pez Dispensers and they most likely wouldn't catch it....

I'm telling anyone to cheat on their taxes or anything.....but estimates are usually pretty much audit proof