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  1. #1
    Join Date
    Aug 2004
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    Sayreville, NJ
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    Default Has anyone ever sold points?

    This year we had a little excess so we sold some points. ( we paid for rooms in AoA without points and then stayed at Vero with points but had a bunch left)

    My question is :

    I know we will be taxed, but does anyone know the rate and how much I should put aside?

    Example if I made $2000.00 is 40% the tax rate ? or is it less?


    thanks for any help with this!
    Bryan

    DVC since 02, Poly 89-90, Tokyo 98, CB 99, Swan 01, WL 06 ,08, 10, BLT 11, HHI 12, OKW 12-13, BC 03-05, 07-09, 11, 13,16 , 17
    Contemporary 05, 13, GC DLR 15, VeroBeach 16, AoA 16



    "There's Blood on the saddle, and Blood all around...."Big Al-

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  3. #2
    Join Date
    Jul 2005
    Location
    Huntington Beach, CA
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    Default

    Quote Originally Posted by Mackflava99 View Post
    This year we had a little excess so we sold some points. ( we paid for rooms in AoA without points and then stayed at Vero with points but had a bunch left)

    My question is :

    I know we will be taxed, but does anyone know the rate and how much I should put aside?

    Example if I made $2000.00 is 40% the tax rate ? or is it less?


    thanks for any help with this!
    While you have to report the gross amount on Schedule E, you usually don't have to pay taxes on that amount. Instead, you pay it on your profit.

    When you own a timeshare unit that you use as a rental property, your ordinary and necessary expenses are deducted from its rental income. This means you can immediately deduct your maintenance fees and any mortgage interest that you pay for the timeshare, even if you couldn't otherwise deduct it. The IRS also lets you deduct any other expenses that you incur, like advertising or management fees.
    Disneyland: many, MANY times!
    WDW:POR POFQ BWV WLV ASMu POLY

    Am I a huge disney fan? YOU BETCHA! I blame it all on my parents! They are the one's that walked around Disneyland all day to induce labor! Yep, I've been going to Disneyland since the day before I was born!

  4. Thanks Mackflava99 thanked for this post
  5. #3
    Join Date
    Dec 2005
    Location
    Minnesota
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    Default

    Quote Originally Posted by Mackflava99 View Post
    This year we had a little excess so we sold some points. ( we paid for rooms in AoA without points and then stayed at Vero with points but had a bunch left)

    My question is :

    I know we will be taxed, but does anyone know the rate and how much I should put aside?

    Example if I made $2000.00 is 40% the tax rate ? or is it less?


    thanks for any help with this!
    First off, tax rates are graduated. Example, this year if you are filing married, approximately the first $20,000 is taxed at 10%, the next $55,000 at 15% and the next $75,000 at 25% and then I think there is a higher amount that kicks in for over $150K.

    If you sold to a broker you might get a 1099 reporting how much they paid you for the points, and that would be reportable as income, but as mentioned you should and can offset that income with your basis in your points. You should be able to calculate out what the historical basis is for your points, and add to that the cost per point for annual maintenance and then any other incidentals, and then offset that against the revenue received for what should be your eventual net taxable amount.

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