Donating Refinancing or Cancelling Your Timeshare– Which Option is Best

After years of vacationing at the family timeshare, you’ve decided it’s time to get rid of it. Life changed, and you cannot travel as often as you used to and can no longer afford to pay the ever-increasing fees. So, what should you do with your timeshare? Donating, refinancing, or canceling your timeshare- which option is best? Fill out the short quiz below to see if you qualify for Linx Legal’s timeshare exit program.

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donate timeshare

Donating Your Timeshare

What are your goals? If your goal is to make money while gaining a hefty tax credit, it will rarely make sense to donate a timeshare week. According to federal law, you can deduct a non-cash charity donation from your tax return if you itemize your taxes. Moreover, a right-to-use timeshare doesn’t qualify for this type of tax deduction. Only a deeded timeshare property is eligible. The deduction is equal to the timeshare’s fair market value.

Steps to Donate Timeshare

  • Firstly, you must first determine the Fair Market Value of the timeshare. Understand that timeshares, even Club Wyndham and Hilton Grand Vacations, depreciate rapidly and immediately upon purchase.
  • Secondly, you’ll need to hire an appraiser to prove the value of your deed. Get everything in writing, including a document stating the appraiser will testify to its value’s correctness. Insurance appraisals are not acceptable. An IRS acceptable appraisal list is public. By law, these are the only appraisers who can evaluate your timeshare.
  • Lastly, your timeshare must be paid in full with the resort or resort’s lender. Also, If there is still a mortgage owed, a charity will not accept it as a gift.

The amount of paperwork needed to complete a timeshare donation is vast. This could be a lengthy process in which you will still be responsible for paying all maintenance fees, utility taxes, and other special assessments until, or if, the donation is accepted.

Donating Your Timeshare

What are your goals? If your goal is to make money while gaining a hefty tax credit, it will rarely make sense to donate a timeshare week. According to federal law, you can deduct a non-cash charity donation from your tax return if you itemize your taxes. Moreover, a right-to-use timeshare doesn’t qualify for this type of tax deduction. Only a deeded timeshare property is eligible. The deduction is equal to the timeshare’s fair market value.

Steps to Donate Timeshare

  • Firstly, you must first determine the Fair Market Value of the timeshare. Understand that timeshares, even Club Wyndham and Hilton Grand Vacations, depreciate rapidly and immediately upon purchase.
  • Secondly, you’ll need to hire an appraiser to prove the value of your deed. Get everything in writing, including a document stating the appraiser will testify to its value’s correctness. Insurance appraisals are not acceptable. An IRS acceptable appraisal list is public. By law, these are the only appraisers who can evaluate your timeshare.
  • Lastly, your timeshare must be paid in full with the resort or resort’s lender. Also, If there is still a mortgage owed, a charity will not accept it as a gift.

The amount of paperwork needed to complete a timeshare donation is vast. This could be a lengthy process in which you will still be responsible for paying all maintenance fees, utility taxes, and other special assessments until, or if, the donation is accepted.

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Linx Legal Does It the Right Way

  • Keeping you updated on your progress every week is our promise.
  • We will never transfer your timeshare to some third-party, or sell your timeshare, rent your timeshare, or donate your timeshare.
  • If you’re unsure of your state’s recession period, call us for advice. Do not contact the timeshare sales site or talk to the sales department. They cannot help you after you buy a timeshare; it’s out of their hands. Furthermore, the only thing the sales rep will do is try to talk you out of canceling your contract.

Linx Legal’s timeshare exit program is the only option that truly frees you from all payments and rising fees. Not to mention, it’s the fastest and easiest way to get your name off of your timeshare. When you qualify for our exit program, here’s what you can expect.

  • You will no longer have payments coming out of your bank.
  • You can use secondary market sites to book vacations, no strings attached.
  • Mix it up! Discover new places to stay in unique resorts all over the world.
  • Leave more of your money for your heirs instead of saddling them with the costly burden of timeshare ownership.

Get Out of Your Timeshare Contract For Good

At Linx Legal, we offer free consultations to discuss the best exit options for your situation. Our exit specialists will fully inform you of our services and the benefits of choosing Linx Legal. Furthermore, our true 100% money-back guarantee is pretty cool. If we aren’t able to help you out of your timeshare for some reason, you’ll get a full refund. Call to learn how to get rid of your timeshare from one of our timeshare experts. After all, knowledge is power.

  • Take a few minutes to fill out this basic questionnaire or
  • text CXL to 484848
  • Call us toll-free at 1-800-604-3989