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Re: WALK AWAY FROM TIMESHARE (by Mary D.):

joej77 wrote:

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

I recently had an e-mail from myresortnetwork.com regarding a timeshare auction, but on the site I also discovered information on giving a timeshare to charity. (Not all timeshares are accepted and they must have no current debt.) They have a list of national charities to which you can designate your donation. This may be the source of the timeshares they were auctioning off, but I don't know this for certain. Anyhow, it is worth checking out. MD