I just purchased a timeshare property with my sister who is still in college. I’m just wondering if her name is on the deed if she will have to claim that somewhere on taxes this year?
Not until it’s sold, or if you rent it out and make money from it rather than using your time yourselves.
My Nan is now a widower and has a timeshare she no longer requires. Attached to the time share is 109,000 RCI points. Does any one know the best way to go about this?
Any usefull information will be highly appreciated.
First you want to check with RCI to see if those points are transferable. A lot of what RCI offers does not transfer to another member. If they can not be transferred just cancel the membership and save that money right away. If you can Sell the RCI points you just include them on the sale of your timeshare. You can try sites like ebay or craigslist but you’re going to get very low offers and have to deal with peoples questions, and trust me I tried this method they have a lot of questions. there are websites that deal with just timeshare resale like the company I went with http://www.buyatimeshare.com.
Good luck remember timeshares are not an investment just sell it to get out of it don’t think your going to make money on it
I have a silverleaf timeshare I paid $8,000 years ago. I don’t use any more. It is a red time week 33 at Holly Lake has excape, a campground and includes 7 resorts. What is the best way to sell it or trade for something of value?
With or without losing your shorts…………..?
If i only want to use wyndham/fairfield resorts, are resale points treated any different than the points that i but from wyndham? If I did want to use a different timeshare, how do i trade my points? Can I use my points for other things like cruises, airfare, and rental cars?
Yes — they are different. To trade your points for a different timeshare, you need to belong to a timeshare broker organization, such as RCI or II. For a fee, they allow you to exchange your "points" for other properties, get airline miles, rental cars, etc..
Have a timeshare for Orlando Week 51 I have tried to sell for a year through two listings to no avail. How do I get out of the maintence fees which continue to rise? I do not want this burden anymore as I have health issues.
how about an insurance fire!!!
There are a lot of scam artists who ask for an up-front fee to cover their "marketing costs". There is no guarantee that they will ever sell your timeshare. And, if they’re being paid up-front, they have no incentive. Any ideas?
I bet they didn’t tell you that a timeshare is like buying a car. It depreciates the minute the ink dries. For that reason the government doesn’t allow timeshare companies to offer timeshares as investments.
I don’t have any suggestions other than those programs I have seen advertised on tv. Have you tried selling it back to the company? Also you could advertise on www.craigslist.org I sold a rental house I owned sight unseen within 3 hours. Maybe you will get lucky.
I bought the timeshare with my friend in Cancun with Club Regina 6 years ago. Both of us are tired of paying the maintenance fee. Does anyone know how to give up? The timeshare is paid in full.
there are places that buy and sell timeshares
do a search and contact some
We bought a time share 2 years ago, and have only used it once. We would like to sell it for $14900. What is the quickest way to sell? Who would you recommend listing it with? Does anybody want to buy it? The timeshare is through Silverleaf Resorts.
There is a good site www.timesharesonly.com
I’m looking to sell my timeshare in Vegas. Does anyone know any good companies that don’t take money up front to sell? Has anyone had a positive experience with any companies at all?
If there is a mail box or a community bulletin board at your home resort, you can put a “For sale” sign. This will pressure the developer specially if they sell it for $20,000 USD and you offer it for $5,000. Sometimes on the fine print of some sale agreements says that the developer has the first right to buy if your place is ever sold. I have heard of developers paying the money (as long as is not too much) just to take the sign out.
To resale or rent a timeshare is a hard task, the basic rule is not to pay money up-front, don’t be another victim of a scam.
Unfortunately over 50% of people that really need to sell their timeshare falls for this resale scams where they charge money upfront and less than 10% of them use their only real option which is to post it or offer it trough free advertising options as much, and as many sites as they can (it is ok to pay a few dollars to post in a great place but no more that $20 to $30).
Timeshares do not have resale value and in most situations you would take a loss in what you paid for, as they resale for less than $2000 USD.
There are some free classified ads where you can start posting:
http://timeshareownerscommunity.com/
http://craigslist.com
http://ebay.com
http://recycler.com/
http://usfreeads.com/
http://www.inetgiant.com/
I have a timeshare that a can no longer afford to pay for. The financial services department of the resort says it will count as a foreclosure and is very bad for my credit. Is this just what they say to get you to pay? What’s the worst that can happen?
2 things will happen.
1. The foreclosure will be visible on your credit history. Lenders will take it into consideration that you didn’t pay a debt before loaning you additional money. You will either not get the new loan or will pay a much higher interest rate.
2. The timeshare lender will report the foreclosure to the IRS. They will show the amount of money that was still owed at the time of the foreclosure as well as the value of the property at the time it was sold.
Let’s say you paid $10,000 for the timeshare, had a remaining balance of $8000 and the timeshare is now wroth $4000. For tax purposes you have a $4000 non-deductible loss (timeshares are personal use property) and a $4000 cancellation of debt income. If you are not insolvent or bankrupt, the $4000 will be added to your income in the year of the foreclosure as "other income." (The loan is considered separately from the property so the $4000 loss doesn’t reduce the COD income at all.)