Getting rid of your timeshare

Just how many times do you tell people that they can deduct $5000 on their income taxes when a timeshare is worth zero or very little (Fair Market Value)?

That's what Redweek's Bargain Basement is for.

Anyone who falls for DRK's scam deserves what they get. Imagine being able to write off $ 5,000.00 deductiuon for something that is worthless. Anyone that falls for that line will be victimized again. It's bad enough being stuck with maintenance fees and assessments but better that then dealing with the IRS when you find out that you took an illegal deduction. I wouldn't be able to sleep at night waiting for the hammer to fall. DRK doesn't care if you get audited. It's not his butt on the line.

donp196 wrote:

It's bad enough being stuck with maintenance fees and assessments but better that then dealing with the IRS when you find out that you took an illegal deduction. I wouldn't be able to sleep at night waiting for the hammer to fall. DRK doesn't care if you get audited. It's not his butt on the line.

Exactly, and many times it can take years before the IRS contacts you .... adding more penalties and interest.

I remember when we had to put my dad in a nursing home .... I had no idea he had to pay income taxes .... I was his Power of Attorney and handled all his business affairs .... I didn't file .... it was a few years later and after his death that they contacted me even though his mail was my address (it took that long) .... lots of penalties and interest added on, but they were kind enough (after explaining the situation) to let me just pay the back taxes he owed minus the penalties and interest.

Remember, most of us don't care about the tax write off, we just want to get rid of them!

I agree with Nancy31, I live in England so the tax write off does not apply....and by the way Jayjay I don't work for anyone. I simply have an opinion which is what this board is all about.. isn't it? At least that's what I thought it was for. Certainly not for insulting people as you continue to do.. at least my comments are meant to assist people and not to continue an online argument which doesn't help anyone.

christine514 wrote:

I agree with Nancy31, I live in England so the tax write off does not apply....and by the way Jayjay I don't work for anyone. I simply have an opinion which is what this board is all about.. isn't it? At least that's what I thought it was for. Certainly not for insulting people as you continue to do.. at least my comments are meant to assist people and not to continue an online argument which doesn't help anyone.

I have always, and will continue to, insult scammers, especially timeshare scammers.

jayjay wrote:

I have always, and will continue to, insult scammers, especially timeshare scammers.

If anyone bothers to review jayjay's contributions here, you'll find that that's about all he does - give insults instead of solid information. Even given three definitions, he continues to use the word incorrectly.

nancye31 and christine514, you are absolutely right. To the vast majority of donors to us, most don't do this for the deduction. They just want to be rid of their timeshare. If that's all they want, they never have to file for a tax donation credit. We never tell people they are supposed to take a $5,000 deduction. What we say is what the IRS says. A donor can take up to a $5,000 deduction (their decision as to what amount they want to take) without a licensed appraisal. We further tell people that we hold title for 36 months so the IRS won't use an artificially low quick resale price as determination of FMV. Again, All this has been explained before and presented in direct quotes from the IRS. Unfortunately some people refuse to see beyond the smudge on their own nose.

drk14 wrote:

jayjay wrote:

I have always, and will continue to, insult scammers, especially timeshare scammers.

If anyone bothers to review jayjay's contributions here, you'll find that that's about all he does - give insults instead of solid information. Even given three definitions, he continues to use the word incorrectly.

nancye31 and christine514, you are absolutely right. To the vast majority of donors to us, most don't do this for the deduction. They just want to be rid of their timeshare. If that's all they want, they never have to file for a tax donation credit. We never tell people they are supposed to take a $5,000 deduction. What we say is what the IRS says. A donor can take up to a $5,000 deduction (their decision as to what amount they want to take) without a licensed appraisal. We further tell people that we hold title for 36 months so the IRS won't use an artificially low quick resale price as determination of FMV. Again, All this has been explained before and presented in direct quotes from the IRS. Unfortunately some people refuse to see beyond the smudge on their own nose.

And you, personally, pocket $500 for doing absolutely nothing but scamming people, resorts and resort owners.

BTW, jayjay is a she, not a he.

Miss Mrs or Ms Jayjay, you are now starting to sound very childish. IF the RESORTS were more amenable to discussion with us and other OWNERS hadn't defaulted leaving us with the excess fees in the first place, then we would not be in the situation we find ourselves in, so please stop defending the indefensible...it's getting old.

By the way I promise not to reply further as I believe the point has been made. Have a nice day...

christine514 wrote:

Miss Mrs or Ms Jayjay, you are now starting to sound very childish. IF the RESORTS were more amenable to discussion with us and other OWNERS hadn't defaulted leaving us with the excess fees in the first place, then we would not be in the situation we find ourselves in, so please stop defending the indefensible...it's getting old.

It's so odd to me that people will spend thousands of dollars on something (a luxury product .... a timeshare at a resort) that they know absolutely nothing about. Even though we didn't research timesharing backwards and forwards and inside and out before buying our first timeshare from the developer (we were bowled over by the resort) and later finding out that timeshare ownership includes rising yearly maintenance fees and possible special assessments, we don't blame the developer or the salesperson. It was OUR fault for not researching beforehand what financial obligations are involved.

It's not like the salesperson kidnapped us and forced us to buy .... WE signed on the bottom line of our own free will, but you seem to think the resort owes some sort of obligation to owners who would just like to give the damn thing back. It's not the resort's fault that many owners were foreclosed on leaving other owners responsible for those deadbeats (which is exactly what the socalled charity you are defending is doing all the while pocketing himself $500).

Let's put the blame where the blame belongs ... to the owners for buying in the first place without performing proper research pertaining to financial obligations, so you'll merely look for any scam in order to (supposedly) rid yourself of your timeshare leaving other owners financially responsible.

It's not the resort's fault that the country fell into recession and the housing market along with the timesharing market imploded BUT we must blame somebody/something else besides ourselves.

I agree with Jayjay that we all sign on the dotted line. The point we are trying to make is that you have to do your home work before you sign a contrat that obligates you for the rest of your life. That is the object of our forum. We also want to prevent people from being victimized a second time by people like DRK and his sham charity. They are ways to rid yourselves of your timeshares without the services of these parasites. Like I stated before there are organizations like the National Timeshare Owners Association that assist owners with all aspects of timeshare ownership. The more members we recruit the more powerful our message. Please take the time to join the only group I know that represents timeshare owners not the sellers and scammers. Their website is nationaltimesahreownersassoc.com. The president is Ed Hastry he can be contacted at hastry@aol.com.

jayjay wrote:

It's so odd to me that people will spend thousands of dollars on something (a luxury product .... a timeshare at a resort) that they know absolutely nothing about.

If the timeshare is so valuable and the owner is willing to give it back to the resort for free that's like any merchant getting free product to sell over and over again. So, why won't the majority of resorts take it back after it's been fully paid for?

donp196 has a good point. It would be a good thing if more people belonged to national organizations designed to help their members, like timeshare owners. However, would that really induce the resorts to deal fairly with distraught owners? Would it bring the awareness of potential problems to the vast number of inexperienced buyers fed through the resort sales mills?

In today's market telling someone they have to suck it up and live with their bad uneducated decision or telling them to simply sell it fails to help those that are stuck and have tried. It would be better served to give details on how to get rid of a timeshare than to solely deride those that offer solutions. What do you tell someone that has already tried unsuccessfully listing it in the bargain basement of RedWeek.com? What should they do next?

We all understand that you don't like how we receive $500 at the end of the title transfer when the owner is finally free. That's legitimate and legal regardless of what you think. We're not the only charity doing it this way because charities don't have a magic way to sell most timeshares for cash. Do you feel the same way about Donate For a Cause who charges even more? Have you ever checked with Resort Closings, Inc. who handles thousands of timeshare transfers a year (and most of ours)? They, also, run a charity that does what we do and services other charities that do as well. When will someone actually contact them and report what they say and do? (Oh, I forgot christine514 did that two pages ago.)

This thread was probably set up originally to provide advice on how to get rid of a timeshare. How about refocusing on that? Do you have any detailed suggestions owners can use?

drk14 wrote:

I don't understand why it seems so odd to you when you admit doing the very same thing. Unfortunately far too many people do the same as you did. However, they may not have the same circumstances or skills or luck you've had in getting rid of your timeshares. Berating them is really bad form after the fact.

I'm not berating them, I'm berating you and your scam operation. I sold our timeshares due to linking our units' photos in my ads and listing all the amenities (with pictures) at the resorts.

Quote:

If the timeshare is so valuable and the owner is willing to give it back to the resort for free that's like any merchant getting free product to sell over and over again. So, why won't the majority of resorts take it back after it's been fully paid for?

Because the timeshare market has imploded .... one can buy a timeshare now for pennies on the dollar. Why would a resort want to take on the burden of taking them back. That's like asking a car dealer to take back a car that you bought several years ago that you no longer want because you have to pay for maintenance and taxes to keep it going .... that doesn't happen in the real world.

Quote:

donp196 has a good point. It would be a good thing if more people belonged to national organizations designed to help their members, like timeshare owners. However, would that really induce the resorts to deal fairly with distraught owners?

Why do you keep saying it's the resort's place to help their members .... help them with what?

Quote:

In today's market telling someone they have to suck it up and live with their bad uneducated decision or telling them to simply sell it fails to help those that are stuck and have tried. It would be better served to give details on how to get rid of a timeshare than to solely deride those that offer solutions. What do you tell someone that has already tried unsuccessfully listing it in the bargain basement of RedWeek.com? What should they do next?

I would keep the timeshare until the market gets better, rent it, trade it or use it myself BEFORE I would even think about working with a scam operation like you run where you pocket $500 for scamming resorts and owners.

Quote:

We all understand that you don't like how we receive $500 at the end of the title transfer when the owner is finally free. That's legitimate and legal regardless of what you think. We're not the only charity doing it this way because charities don't have a magic way to sell most timeshares for cash. Do you feel the same way about Donate For a Cause who charges even more? Have you ever checked with Resort Closings, Inc. who handles thousands of timeshare transfers a year (and most of ours)? They, also, run a charity that does what we do and services other charities that do as well. When will someone actually contact them and report what they say and do? (Oh, I forgot christine514 did that two pages ago.)

Yes, I feel the same way about Donate For A Cause ..... they used to be legit by not taking an upfront fee, but no longer. Also, DFAC will not take any timeshare they think they cannot resale.

Quote:

This thread was probably set up originally to provide advice on how to get rid of a timeshare. How about refocusing on that? Do you have any detailed suggestions owners can use?

You have the integrity of an alley cat .... "advice on how to get RID of a timeshare" .... by you using unscrupulous tactics and then pocketing $500 for doing so. When I got ready to sell our timeshares, I never thought for one minute to use an upfront fee resale company or bogus charity like you run ..... I would have kept them if I had to.

Oh I know I said I wasn't going to come back to you but:

Quote: This thread was probably set up originally to provide advice on how to get rid of a timeshare. How about refocusing on that? Do you have any detailed suggestions owners can use?

I don't actually see an answer to drk14 in your long winded reply!!!

It's really nice that you could obviously afford to carry on paying your maintenance fees, but please remember that we are not all in the same position as you. I didn't just ask my resort to take it back I actually offered to pay them whatever they asked for it in order to be released from the contract...I also said I would pay them 5 years maintenance fees up front in order to be released. (and that meant borrowing the money to do so!!). I did this because I did not want to just let it foreclose and cause other owners to end up in the same position as myself. My decision to 'get rid' was simply based on the fact that I could no longer pay the fees, and not just because I had changed my mind about the ownership which is what you seem to think. It was necessary, and actually the best way forward for me. I wouldn't hesitate to use drk14's solution or to recommend it to others who were as desperate as myself. Happily I no longer own a timeshare, thanks to Donate for a Cause, had i seen that I could have relieved myself of this ownership for just $500 I would have jumped at it.

christine514 wrote:

I don't actually see an answer to drk14 in your long winded reply!!!

It's really nice that you could obviously afford to carry on paying your maintenance fees, but please remember that we are not all in the same position as you. I didn't just ask my resort to take it back I actually offered to pay them whatever they asked for it in order to be released from the contract...I also said I would pay them 5 years maintenance fees up front in order to be released. (and that meant borrowing the money to do so!!). I did this because I did not want to just let it foreclose and cause other owners to end up in the same position as myself. My decision to 'get rid' was simply based on the fact that I could no longer pay the fees, and not just because I had changed my mind about the ownership which is what you seem to think. It was necessary, and actually the best way forward for me. I wouldn't hesitate to use drk14's solution or to recommend it to others who were as desperate as myself. Happily I no longer own a timeshare, thanks to Donate for a Cause, had i seen that I could have relieved myself of this ownership for just $500 I would have jumped at it.

Resorts are run by HOAs .... HOAs are voted in by timeshare owners at the resort .... if it's the HOA's policy/rules not to take timeshares back from owners then it's their policy, period. Why would they make an exception just for YOU? If all resorts took back timeshares for whateverreason then they would be flooded with people who merely wanted out of the yearly obligation and the resort would implode entirely.

Again, I'm sure you were told that maintenance fees would be due each year when you bought so why did you buy in the first place?

If DFAC took your timeshare then it must have had value and you could have given it away for much cheaper than what DFAC charged you. Did you even try to give it away?

It is up to you, the property owner, to understand the IRS regulations concerning your decision to donate your property. Don’t just accept the word of a nonprofit organization (NPO).

The above is clearly stated on your webpage .... I certainly wouldn't take your word for accuracy.

Charities only accept non-cash donations that they can convert to cash by selling, renting, or collecting. If they can’t convert it to cash, they won’t accept it. Until now. One charity has designed a way to allow individuals to donate their worthless mortgages and get the benefits of donation.

Above was also lifted from your webpage .... if this is not fraud I don't know what is.

To be totally honest with you. If I wasn't able to deed back my properties I would have considered using a charity like DRK's. The problem there is I wouldn't be comfortable that the deed would actually be transfered out of my name. I also have a problem knowing that other owners would have to make up the shortage in maintenance fees and taxes. As a former owner I would not appreciate someone else sticking me with their debts. I would never attempt to take a $ 5,000.00 write off my taxes for something that has no value. It's my tax return and my penalty and interest if I lose my case with the IRS and I wouldn't be able to sleep at night with that hanging over my head. I read an article Timeharing Today that gave me a few options of disposing of my timeshares. I did rent them out to minimize my losses until I finally got rid of them. Everyone must do what is right for them. Good luck and please make the right choice.