Timeshare Donations to charity
Thousands of timeshare owners either no longer want, or use their timeshares, but struggle to sell or get rid of them. We understand that selling a timeshare is not easy. After the advertising costs, recording fees, title fees, the resort transfer fees, and also commissions, there is not much left to justify the hassle. This is probably why, like so many others, you are considering donating your timeshare. Giving Center makes it especially easy to donate a timeshare. There are many reasons why donating a timeshare is the best way to get out of your timeshare ownership.
Make a Positive Change, Save Money and Time without the hassles of trying to sell your timeshare.
By donating timeshares to our charity, you can get rid of your burden while also helping others. Donations processed by Giving Center benefits our non-profit charitable organization set up to support local communities, nationwide throughout the US. Your generous donation helps provide assistance to families, individuals and other organizations within the community. You are also able to take Advantage of a Tax deduction because Giving Center is a 501c(3) charity. By donating timeshare through us you are eligible to deduct the fair market value of your donation from your taxes. If you donate timeshare, we will provide you with a tax receipt reflecting your generous donation to the charity. It is recommended that you consult your CPA tax adviser to determine if you qualify for a tax write-off, as we are unable to offer personal tax advice.
Selling a timeshare on your own, can consume a lot of money, time, and energy. We take care of the transfer process and paperwork for you. This means that you do not have to continue to pay the maintenance fees, taxes, and the special assessments while the timeshare sits on the market.
common FAQs regarding Timeshare Donations:
How do you donate timeshares to Giving Center?
You want to donate timeshare to charity, but you do not know where to begin? Giving Center will gladly assist you throughout the donation process, from general questions about your timeshare transfer to information about the timeshare tax deduction. We have helped many timeshare owners to donate their timeshare vacation ownership to charity. Not only can we assist you in getting out from under your timeshare, your donation can also help in providing assistance to others in need. We will also work to ensure that the donation process is easy and headache-free. We recommend you read all of the following FAQ's.
Timeshare Donations – How to:
Before donating your timeshare, we recommend you have your ownership details and information ready. We ask that you prepare the following information and documents to help the timeshare donation process go smoothly and quickly as possible.
Please have this information available:
The resort name
Your timeshare deed or certificate
Timeshare contract or agreement
Mortgage receipt showing that the mortgage is paid in full
Timeshare exchange company information (if applicable)
Your last timeshare maintenance fee bill
The last timeshare tax payment (if billed separately)
If you don't have all of these documents available, no need to panic. While having these documents will help speed up the timeshare donation process, we can work with you to help retrieve the necessary information to move forward.
Why should I donate my timeshare instead of selling?
It is sometimes very difficult to sell a timeshare. While some owners have been able to sell their timeshare, typically the average timeshare owner spends $500-$3,000 in advertising their timeshare for sale. Unfortunately, most timeshare resales don't sell for their original purchase price. In fact, many timeshares are listed for just $1. A timeshare can sit on the market for a very long time and may not sell at all.
By donating timeshare, you are able to get out of your timeshare easily, devoid of the stresses, fees, and time consumed that go along with the selling process. The donation process is by far, much simpler and faster than timeshare resale. Plus, there is no guessing game, no waiting around hoping you could be done with your timeshare. Finally, with our assistance, you can finally be done with your timeshare for good – and best of all, for a good cause!
Can I receive a tax deduction for donating a timeshare?
Yes, you may be able to receive tax benefits from donating a timeshare to charity. Once your timeshare donation is completed, you can submit a tax deduction on your yearly return. The IRS states that you may file to deduct the “Fair Market Value” of your timeshare donation, should your donation qualify. If your timeshare donation’s Fair Market Value is estimated to be over $5,000, you will need to get a timeshare appraisal in order to file the claim on your taxes. It is important to note that this type of tax deduction refers only to deeded timeshare property interests. Unfortunately, a right-to-use timeshare won't be recognized by the IRS for a tax deduction purposes. Many timeshare owners have also requested to donate a timeshare week to charity that they do not plan on using anymore. Currently, the IRS does not allow tax deductions to occur on timeshare week donations. Only deeded real estate interests fall into this category. It should be noted that every situation and timeshare ownership is different. In order to determine if you are eligible to receive a tax write-off from donating your timeshare, please consult your CPA, lawyer, or financial tax adviser. We do not give tax advice/assistance, please speak with a financial tax adviser or CPA or to see if your timeshare donation is eligible for a tax deduction. A CPA is also able help you file your deduction with your tax return, if eligible.
Can I receive a tax deduction if my timeshare is a right-to-use?
At this time, only deeded timeshares may be eligible for tax benefits of a timeshare donation. IRS will only recognize a deeded timeshare as a real estate interest. Therefore, a right-to-use timeshare would not qualify for a tax deduction by donating the ownership.
How can I determine the value of my timeshare donation?
To determine the Fair Market Value (FMV) of your timeshare, you should speak with a CPA or financial tax adviser. If your adviser determines that your timeshare’s market value is over $500 and you'd like to try to get a tax deduction, you must file Form 8283 with your tax return. You may need a professional timeshare appraisal if you are claiming the FMV to be over $5,000. It should be noted that the IRS states that you may not claim your timeshare donation’s FMV to be over the original timeshare purchase price, unless you want to claim the donation as a capital gain.
What costs can I expect to pay and how long will it take?
Generally, the donor is responsible for all of the regular costs associated with the property until the acquisition of the property by us. This may include, but not be limited to all taxes, bills, and maintenance fees. Timeshare closing costs are dependent upon the resort and their method of closing. Possible associated fees such as optional title insurance for example that must be factored in as well if applicable. There are of course exceptions to this, and every donation is considered on a case-by-case basis. The normal time-frame to complete the transfer of timeshare ownership is normally 2-4 weeks. *Rush service is available for those of you that need to donate fast.
What will the charity do with my donation?
All timeshares are donated to Giving Center, a 501c(3) charity. Giving Center works diligently to provide for those in need throughout the community who may not be able to qualify for other assistance. Once your timeshare is donated, the charity will take title to the deed. We will then use the timeshare to aid our charity; providing assistance to families, individuals and other organizations among the community, unless otherwise noted by the donor.
Can I donate my timeshare with a mortgage?
NO.. A timeshare does need to be paid in full with the resort or the resort’s lender in order to donate to Giving Center. Unfortunately, if a mortgage is still owed on your timeshare property, a charity will not be able to accept it as a gift. If you're able to pay off the reminder of your mortgage, speak with our team to discuss your donation options.
What if my timeshare is not in the U.S.?
We commonly accept timeshares outside of the U.S. in addition to resorts within the 50 United states. We work with timeshare resorts located in Canada, Mexico, Caribbean, and other popular destinations. Some restrictions may apply based upon the particular resort and there may be a limit to how many shares the charity can accept at a time. To see if your timeshare is one that can be accepted for donation, please contact us.
Do you guarantee that I will no longer be responsible for fees?
Yes, if we determine that your timeshare qualifies for donation, once the process is complete, you will be free and clear of the responsibilities of ownership. No more waiting in hopes that your timeshare will sell. As long as your timeshare can be accepted into our program, our service is guaranteed to relieve you of the obligations of vacation ownership. You will no longer be responsible for yearly maintenance fees or possible special assessment charges. If for some reason your timeshare cannot be accepted, we will inform you in the beginning to avoid any costs that may occur.
For questions regarding donating a timeshare or just general information, please call 888-228-7320 or complete the form below. Whether you’ve decided to donate timeshare or are just looking into the donation process, we are more than happy to help you with any questions you may have.