You have run out of ideas on how to get rid of your timeshare. No one wants to buy it, the resort won’t take it back, the children don’t want it. Have you considered donating your timeshare to charity? But, how do i donate my timeshare to charity?
It would be as simple as selling it to them for $1.
However getting to that point would be a tough journey. First you would have to find a 501 C 3 (charitable) organization to accept it. The assumption would be that they could use the timeshare for recreational, retreat, or promotional use. But would they be willing to take on the liability of the annual maintenance fee of $1,000 per year and climbing? Would they be willing to risk a special assessment that would be in the thousands of dollars? Probably not. Thus, finding a charity to accept a timeshare donation would be the biggest problem.
Now let’s say you find an organization willing to accept your timeshare as a donation. At a minimum you will have to make sure all the maintenance fees are up to date and pay for the closing costs, title, and transfer fees. In total, closing costs for a Hawaii timeshare for example, could run well over $3,000. That would make it an expensive donation.
What if you were planning on making the donation a tax write off? Be prepared for a shock. You will only be credited with the current market value of the timeshare as a resale. If you were thinking that since you paid $14,000 for the timeshare and that would be the amount of your tax deduction you are mistaken. You would have to have a written appraisal listing that amount as the market value. If you were to look at E-Bay and see them selling for $1 you’d realize this may not be a good deal for you. The market value will at best be 50 to 75% less than what you paid.
Not donating the timeshare is looking better and better.
Back to the drawing board.
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