WALK AWAY FROM TIMESHARE

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Original Message:

Re: WALK AWAY FROM TIMESHARE (by Joe J.):

jayjay wrote:
I would check directly with an IRS expert on this.

I do not believe the loss is deductible unless the timeshare was given to a true CHARITY. We Collect Timeshares is not a charity and they charge you $3000 to take your unwanted timeshare off your hands ..... rip-off bigtime.

barbarac235 wrote:
When I mentioned to call "We Collect Timeshares" I was not referring to a "charity." We Collect Timeshares charges to takeover the timeshare, BUT the loss can be deducted over 2 yrs. from your IRS taxes, thus recooping the loss. This was verified by an IRS agent before making the transaction.

Campy

I believe the deduction you are looking at is the similar to taking a loss on selling your house but it is only deductible to the extent of your gain. JJ