DVC and taxes

[LuvsTigger80]

Hi everyone!!

We are fairly new to DVC..we joined in May 2011. I have a quick question regarding our income taxes. We normally have already filled our taxes...but i'm waiting because I do not know if I am suppose to be recieving something that I need to included in our tax filing? Can anyone help out with this??? I would really appriciate it. Thanks in advance..:thumbsup:

[DizneyRox]

Any mortgage interest is probably tax deductible, and possibly property tax... Check with your tax professional.

[PlutoPlanet]

Yes, as always with taxes, everyone's situation is different. We do not own a second home, other than DVC, so we can deduct the property taxes.

[Pirate Granny]

Really, I was told regardless how many homes you 'own'...that property taxes on DVC are not allowable...you should double-check that information...there is a reason why you don't receive tax documents from DVC as you do from your mortgage company. Paperwork that you get from what is included in your 'maintenance' fees are not considered tax documents. I can't comment on the 'mortgage interest' thing as we didn't finance our DVC, but if you get the document statement from your finance company showing the interest you may be able to claim. Interest and penalties are steep, so be careful...daughter got caught three years after filing on a mistake she made (she had tax taken out, but didn't put the expense on her income tax as she figured that she paid the tax, but there was another part that didn't get paid) and she paid almost double the tax owing once interest and penalty costs were added.

[TinkerbellT421]

Really, I was told regardless how many homes you 'own'...that property taxes on DVC are not allowable...you should double-check that information...there is a reason why you don't receive tax documents from DVC as you do from your mortgage company. Paperwork that you get from what is included in your 'maintenance' fees are not considered tax documents.

I'm confused with this statement. You do receive a tax document on property tax for DVC...

[DizneyFreak2002]

I receive tax documents this weekend for BLT and SSR... It is mortgage interest, not property tax... I NEVER receive a tax form detailing my property tax for my income tax filings...

[faline]

I'm confused with this statement. You do receive a tax document on property tax for DVC...

Me too. My DVC statement details the amount paid towards property maintenance, dues, etc as well as the exact amount that was paid for real estate taxes.

[Ian]

Me too. My DVC statement details the amount paid towards property maintenance, dues, etc as well as the exact amount that was paid for real estate taxes.You do if (and only if) you financed your purchase through Disney.

That's the only way your interest is tax deductible, so those who paid cash or financed in other ways wouldn't get a statement.

[TinkerbellT421]

Me too. My DVC statement details the amount paid towards property maintenance, dues, etc as well as the exact amount that was paid for real estate taxes.

Exactly, I was so confused at first because I was thinking I was just staring at my real estate tax statement yesterday lol


You do if (and only if) you financed your purchase through Disney.

That's the only way your interest is tax deductible, so those who paid cash or financed in other ways wouldn't get a statement.

We did finance through Disney. But even if you financed through disney or not you are still responsible for real estate taxes, so wouldn't you still receive a real estate tax statement?

[DizneyFreak2002]

You do if (and only if) you financed your purchase through Disney.

That's the only way your interest is tax deductible, so those who paid cash or financed in other ways wouldn't get a statement.

Ian, help me out here buddy... I received two forms this weekend, Form 1098, which shows only my mortgage interest... I financed through Disney.. What form is the property tax paid for 2011 listed on???

[GAN]

This information appears on your annual dues statement -it is not a Federal "Tax" form. Not sure about everyone else, but ours worked out to about $1.00/point owned. I'm not sure under what circumstance that this would be deductible.

[DizneyFreak2002]

Thanks Gan, didn't noticed the 2011 property tax amount on that form.. I saw the 2012 estimate and how much is due this year in dues and put it away (of course, dues went up, did I expect differently???)... LOL...