Discussion:Can timeshare be donated or sold to church?
From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
(Difference between revisions)
| Revision as of 17:36, 10 March 2009 Lucky (Talk | contribs) (If the timeshare) ← Previous diff |
Revision as of 18:37, 10 March 2009 Lmcdon9822 (Talk | contribs) (Thanks, I believ) Next diff → |
||
| Line 7: | Line 7: | ||
| {{ForumReplyPost|UserID=Lucky|Date=10 March 2009|Text=If the timeshare is valued higher than $5,000 you would need a current valuation attached to the return. Other wise it is a straight real estate transaction transferring ownership to the church.}} | {{ForumReplyPost|UserID=Lucky|Date=10 March 2009|Text=If the timeshare is valued higher than $5,000 you would need a current valuation attached to the return. Other wise it is a straight real estate transaction transferring ownership to the church.}} | ||
| + | |||
| + | {{ForumReplyPost|UserID=Lmcdon9822|Date=10 March 2009|Text=Thanks, I believe the client have these choices: | ||
| + | |||
| + | 1) If its a donation, then I would think ownership would still be in the current owner's name and the donation for that year would have to be attached to the tax return each year. 2) If the timeshare was "given" to the church as a donation, I can just follow the current donation rules. 3) If sold, then follow today's real estate transanction transferring ownership. | ||
| + | |||
| + | Right about the maintenance fees!!}} | ||
Revision as of 18:37, 10 March 2009
Discussion Forum Index --> Basic Tax Questions --> Can timeshare be donated or sold to church?
Discussion Forum Index --> Tax Questions --> Can timeshare be donated or sold to church?
Lmcdon9822 (talk|edits) said: | 10 March 2009 |
| I have a client who would like to either donate or sell the timeshare to the church. How can this be done? Can someone point me in the right direction? Which is best for the church? | |
| 10 March 2009 | |
| It's best for the church not to accept this donation. The maintenance fees will be an alligator. | |
| 10 March 2009 | |
| If the timeshare is valued higher than $5,000 you would need a current valuation attached to the return. Other wise it is a straight real estate transaction transferring ownership to the church. | |
Lmcdon9822 (talk|edits) said: | 10 March 2009 |
| Thanks, I believe the client have these choices:
1) If its a donation, then I would think ownership would still be in the current owner's name and the donation for that year would have to be attached to the tax return each year. 2) If the timeshare was "given" to the church as a donation, I can just follow the current donation rules. 3) If sold, then follow today's real estate transanction transferring ownership. Right about the maintenance fees!! | |
