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Getting out of timeshare - a bumpy ride through the secondary market - Part III
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There is another solution. At some point, it’s not what you get out of the sale; it’s simply what you get out of. Rather than sell your timeshare, you can donate it.
There are a growing number of charities that will accept donations of timeshare intervals, which they can sell to raise funds for their non-profits.
Some charitable organizations not only sell timeshares to support their own causes - for a fee, they will often assist other charities to sell donated timeshares.
One such entity is Works of Life Ministries, a non-denominational faith-based organization that provides assistance for many disadvantaged people, as well as endowments granted to other organizations helping those in need.
Marshall Garth, administrator of their Fresno office, describes how their community-based program assists those with substance abuse, people coming out of domestic violence situations, and others.
Most of their promotion and advertising is web-based, consuming a very small part of their overall budget. Total expenses for advertising, salaries and other overhead is less than 20% of funds raised, meaning a very admirable 80% or more goes to programs. (According to Bankrate.com, a good guideline is at least 60% going to programs).
Cameron Arballo, Works of Life program director, explains how, for $25 they will help other organizations take sell donated timeshares. As with most charities, the donated share has to be paid off, and the maintenance fees to the developer need to be current.
He rarely finds any with clouds on the title; but they are not always sold.
Sometimes the donated timeshares deeds are used as prizes in raffles or auctions. The transfer costs in terms of recording a new deed are minimal, and not a burden for the non-profit. The transfer fees assessed by some timeshare owners associations, usually less than $150, are paid by the seller/donor, generally.
Some of the causes served by Works of Life directly include veterans in need. Tuesday, September 16, Dr. Phil aired a program where the widow of a returning Iraq Vet, who was killed after returning home when his car flipped over, receives a car donated by Works of Life. Other beneficiaries of Arballo’s organization include Guitars in the Classroom, helping to train and equip teachers to incorporate music into their curriculum.
The donor may not receive cash for their timeshare, but they have relieved themselves of the annual expenses, and they may qualify for a tax deduction.
By the way, one tax advisor suggests collecting several online listings similar to the timeshare you are selling, and keeping track of their offering price.
This “arms length” documentation may be helpful when justifying any write off you take – and always be sure to consult with your tax professional.
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