Genwich Life Services LLC
"Successfully guiding multi generational families through life stage planning"
I Want to Get Rid of my Timeshare!
Timeshares have notoriously bad history when it comes to resale. But stopping
maintenance fees could easily destroy your credit and be considered a breach of
contract. Instead, continue paying those fees while you search for a financial
solution to unload that time-share. If you can't sell it—and in this market, that's a
reasonable possibility— we've got information on that here.
Otherwise, you could donate your
timeshare to charity. Companies
like DonateForACause.Org will
take your timeshare, donate it to
charity, and give you a tax
deduction equal to the size of the
current market value of your
timeshare. A 501(c) not -for -profit
lets you choose the charity to
which you would like to donate and
will pay all legal fees to sell the
time-share. If your time share is
deemed worthy of resale, all proceeds will go to your charity. The only possible
cost to you is a $25 charge if you no longer have the deed to the property ($75 if
the owner is deceased).
Also, you can donate directly to some organizations. For example, as of 2005, the
National Foundation for Cancer Research will take your timeshares directly and
will give you a tax deduction ranging from $3,000–5,000 for each time-share you
donate. The only catch is that your time-shares should be free and clear of any
mortgages and be located in the U.S., Canada, Mexico, or the Caribbean.
By: Peter Greenberg | Source: Peter Greenberg | Date Posted: 2008-08-28