Many people purchase timeshares because they were lured by the idea of a private, exotic getaway to a place in which you have propriety. But when the owner decides to get out of his timeshare by selling it, the fantasy of luxurious vacationing becomes a miserable burden. In reality, owners faced hassles and costs such as the listing fees which is more than half of its selling price. While waiting for the unit to sell, the owners also lose money in property tax and maintenance fees. Because of these, donating a timeshare can prove profitable in terms of a sizable tax deduction.
First, procure a copy of your deed and other documents needed to donate your timeshare to charity. A duplicate of every form presented at the time of the purchase of your unit should be forfeited to the charity. Then, request documentation of the value of your timeshare from a charity at the time of donation. A donation of a timeshare to a non-profit organization can be deducted to your income taxes.
Try to consult also with fellow owners on your property to donate the entire value of the timeshare to charity. It is important as well to set aside funds that would have been used on broker fees to amplify your donation to charity.
Meanwhile, focus your search for a worthy charity to organizations dealing with issues that hit close to home and list your timeshare donation through a non-profit organization with connections to a large number of charities. Moreover, try to keep your gift of a timeshare at the local level with the help of faith-based organizations.
All in all, the decision to get rid of a timeshare from your holdings does not need to focus entirely on a sale. The cost of listing your timeshare through a broker and the discounted sale price necessitated by a flooded resale market make for an unsatisfactory transaction. There are a number of personal and financial benefits when you donate a timeshare to charity.