Manhattan Club Lawsuit

Hi Nathan, I am well aware and understanding of the fact that I can deduct the NY real estate taxes and I do so on advice of paid certified public accountants. I inherited the time share, it is for pleasure, so I don't deduct interest or maintenances fees.

I hope we find out soon, as owners will be being billed maintenance fees all during the year depending on when they settled...what those fees will be and if and when they will be reduced. It seems since the investigation and settlement were about this issue as well as the fraud, TMC will need to reduce the current rates. Especially since it was established by the investigation that the fees from 2011-2014 were higher due to non payment by other owners (no judgement intended...we all did what we needed do).

nathanz2 wrote:

Hi Deborah, Taxes that you pay are deductible, just like auto excise taxes, or state income taxes (unless the rules change...) But interest and maintenance fees are never deductible for people who bought for personal use and not deductible for business use unless it was structured properly. I can’t say it any more clearly than that.

You are absolutely correct as far as the final resolution of this mess goes. As I said a while back, we are just entering phase 2. Its a complex situation that needs to be unwound. I hope for the best, but don’t realistically expect anything to happen soon.

Hi Deborah,

We don't disagree. But there are lots of folks who are either latecomers to this forum or were told other things by the MC, or are not tax pros. Some of the comments before yours were "imprecise." Just trying to be helpful.

thank you very much Nathan...I appreciate your comments/knowledge esp re: your background...I was also just clarifying for myself, nothing more intended! Sorry if I offended! Be well!

We have done a lot of research since the details of the AOD were released last week. Read our report in RW's newsletter, which should be published soon. See the Ask RedWeek column for latest information on the case. Biggest issue ahead: what will settlement look like? Who will run club? Will owner reservations improve? Can I sell my timeshare?

FYI, all of the postings about taxes and deductions are distractions.

Jeff, Thanks for all your hard work. We eagerly await your analysis!

Thanks, this is a great idea. Marion

The most important question for me is "Can I sell my timeshare and when?" I have owned since 2001 and am extremely tired of this mess! Marion

Thanks Jeff for keeping us in the loop.

Yes I agree with you, it is time for us as Timeshare consumers to contact NOTA to request their assistance. Marion

What should our procedure be for getting involved? Marion

Hello Jeff, What and where is the RW's newsletter you are referring to? So, I can find it & read it when ready??

Same question here : owner since 2001 , wonder how to proceed with all this mess. Love to be part of anything that involves resolving the problem . I also want to thank EVERYBODY who is giving us information. Thank you so much Brigitte

Thank you for your feed back. What a mess. I guess we're all in the same boat. But supposedly when I spoke to clerk at AG office, she said well since I put in a claim with them on this matter, that they already have my name and address, So I guess I will leave it at that.Unless we all get 7 on our side or news 4 NY, and make a big stink about it then maybe it would move faster.

Today I received a bill for maintenance fees. Cost is $2,460 and change. It's for 2018 (and my year doesn't begin until September 3, 2018. When I questioned another rate increase I was told that since many people have not been paying their fees it's added onto ours. I asked her how that's possible since they've been renting out the units preventing most of us from being able to use the timeshare. She claims they've always been allowed to do so and told me I could always sell or transfer my ownership. Of course, not for anything close to what I paid for it. I didn't want to argue with her but at what point are these fees going to stop increasing? I can really no longer afford this but don't want to stop paying the fees but am not sure what to do. Any advice?

The scam continues. I just received the bill for my 2018 maintenance fee, TEN MONTHS EARLY.

lc121 wrote:

Hello Jeff, What and where is the RW's newsletter you are referring to? So, I can find it & read it when ready??

It can be found here: https://www.redweek.com/resources/ask-redweek

I am the executor of my sister's estate and her timeshare at the MHC is part of the estate. The share is for 7days out of the year, and she and her partner paid $14,000 for it in 1998. I have paid the fees for 2016 and 2017, but am reluctant to pay next year's fees until there is some resolution. I have been put on the "buy back" list by the MHC. I have been told that in the past the way the buy back worked is that the club would pay for the cost of transferring the deed, and I would essentially give it back to them. Is anyone out there in similar circumstances regarding a buy back.? I am thinking that the club management has to change before any resolution to a buy back can happen. Also, why pay next year's dues ($2,800.00) while everything is in limbo? My reality here is that I would give it away to anyone if they would pay to transfer the deed, closing costs, etc Tim

timc492 wrote:

I am the executor of my sister's estate and her timeshare at the MHC is part of the estate. The share is for 7days out of the year, and she and her partner paid $14,000 for it in 1998. I have paid the fees for 2016 and 2017, but am reluctant to pay next year's fees until there is some resolution. I have been put on the "buy back" list by the MHC. I have been told that in the past the way the buy back worked is that the club would pay for the cost of transferring the deed, and I would essentially give it back to them. Is anyone out there in similar circumstances regarding a buy back.? I am thinking that the club management has to change before any resolution to a buy back can happen. Also, why pay next year's dues ($2,800.00) while everything is in limbo? My reality here is that I would give it away to anyone if they would pay to transfer the deed, closing costs, etc Tim

I inherited 2 time shares from my mother. In June 2014 I gave one back to the club. I no longer had to pay the fees. They paid the closing costs etc and I was supposed to get final papers and $100. That transaction has been in limbo since the investigation began in 2014. Lynn O'Donnell with TMC says now that the settlement has happened my papers should pass but she sounded iffy on the $100.

Thanks for the info. regarding your estate situation. Did you give your share back before the lawsuit started? I recall it began in August 2014. If you were able to do that after then I will have a serious conversation with Lynn. She has been firm that she can't help until this is all settled. I am on the buy back list.

I was on the buy back list and nothing panned out and I had to continue to pay fees I couldn't afford. To the best of my memory I and Lynn started the giving back process in late May early /June of 2014 and the investigation started in June 2014...I had signed one set of papers and was awaiting final papers and the $100, and that was put on hold because the AG forbade any further sales or transactions. I wonder if she is correct about not being to help yet, there is still so much to be figured out on how to move forward....and I don't know if the ban of sales has been lifted...she told me when it is settled I will get the papers but was evasive about the $100. I notice she always wants to use the phone...she never puts things in writing in an email...so to the best of my knowledge I have no proof she offered the $100. Good Luck!