Important Information You Need to Know About Donating Timeshare to Charity

Many charities accept timeshare donations these days. Thousands of owners want to sell their timeshare, but don’t the means to do so. Advertising fees can cost a lot of money. On the other hand, paying fees on the property every year can cost a lot of money also. Thus, a lot of people are stuck with timeshare that they don’t even want or use.

If you are one of these people, then one of the easiest ways to get rid of your property is to find a company that will sell it for you, and donate the proceeds to charity. Doing this will save you a lot of money, and it will also benefit those less fortunate than you. You might even get a decent tax write-off for donating to charity! It probably won’t be much, but it’ll be better than nothing.

Now, before you can donate, you need to have all of the liens, mortgages, and fees up to date. A charitable organization won’t accept a timeshare if there is still money owed on them. It’ll also be easier to sell when everything is up to date.

You need to find a company that won’t charge you any upfront money. A legitimate company will help you with the transfer of the property. Once the transfer is complete, you won’t be responsible for any more fees. They will also have information about the charities they donate to on their website.

Keep in mind that not all timeshares are accepted for charity. There could be a few reasons for this. The most obvious reason is due to outstanding mortgages. You will have to pay off the outstanding mortgage before you can get rid of the property. Unpaid maintenance fees will also be a problem when you try to give your timeshare away. Another reason is that the property is badly deteriorated and badly maintained.

Assuming that your payments are all taken care of and the property is in good condition, your timeshare will probably be accepted. The gifts usually sell anywhere from $50 to $5,000, depending on the quality and the amount of timeshare that you donate. The tax deduction is for the fair market value.

You may or may not need an appraisal, depending on the value of the gift. If it’s less than $5,000, then you probably won’t need one. If you think your timeshare is worth more than $5,000, however, then you probably will. As long as you work with a good company, you will receive all of the information and resources you need for giving your timeshare away!