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Original Message:
Timeshare Donation (by R P.):
denniss333 wrote:I have confirmed with my CPA that the documents i have from the charity do allow me to write off$5000 withOUT any type of Appraisal.
From the publication 'Smart Money' below (evidently your CPA knows nothing about timeshare donation and tax write-offs). I know of very few timeshares that are valued at $5000 no matter what may have been paid a developer initially (possibly some Hiltons, Disney, Hyatts, some Marriotts such as Newport Coast CA, 4 Seasons, Harborside at Atlantis etc. which are all considered high end timeshares ..... AND depending on supply, demand, location and time owned even with those):
"If the determined fair market value of the timeshare donation is greater than $500 you will need to file Form 8283 (pdf) with your tax return. If the value exceeds $5,000 then you must get a formal appraisal from a qualified appraiser to support the value of your deduction. “It’s ultimately up to you to determine the value of the donation that you report to the IRS and, of course, there are penalties for inflating those values to increase your tax deduction,”.