Financial Planning for Generation X & Y Women
 
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Expert Q&A Archive

02/27/2009
What is the best way to sell or get rid of my timeshare?
We own a timeshare for 10 years. It used to be a Trust Deed, which means we actually own a small percentage of the property. We were convinced by the Timeshare company to convert it into a points agreement, which means we only have the right to use their properties.
Now we are tired of their properties; however we still need to pay an association fee every quarter. We have already paid off the loan, but were contacted by a timeshare buying company saying we need to pay them $3k to $4k to sell our timeshare to them!!! Is it ridiculous?
Elizabeth Rusnak:
expert info »
I suggest you speak with a CPA who can provide advice for donating your timeshare week for the years you don't want to use it yourself. My understanding is that all the costs related to that timeshare week for the year you donate it are tax deductible for that year. As I understand it, you need to donate it to a non-profit organization, and they need to provide you with an appropriate receipt to reflect the donation. Again, speak with a tax professional regarding this.

Editorís Note: You can find more information about timeshares in the Federal Trade Commissionís Time and Time Again: Buying and Selling Timeshares and Vacation Plans at www.ftc.gov/bcp/edu/pubs/consumer/homes/rea15.shtm.
 

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