Tax form?

[ClaraOswald]

Is there a specific form I'll be getting in the mail from DVC to give to my tax guy?? I can't remember from last year.

We don't have a loan or anything like that. We have 3 contracts now. I have no idea if there's something we need to do with it on our taxes.

 

[Sandisw]

No.

 

[heynowirv]

The only time you need a tax form from Disney is if you're paying off a loan and had paid interest last year.

 

[AnnaS]

Curious if Real Estate taxes (I know not much/then again some members own thousands of points) can be written off if people itemize (I do not).

 

[eticketplease]

Curious if Real Estate taxes (I know not much/then again some members own thousands of points) can be written off if people itemize (I do not).

I think it is only applicable if you are renting points. Even then it’s not the whole amount paid on the contract. I’m not a CPA though so I don’t know the ins and outs.

 

[drusba]

Curious if Real Estate taxes (I know not much/then again some members own thousands of points) can be written off if people itemize (I do not).

Your real estate taxes for DVC properties can be used as an itemized deductible expense, along with other itemized deductions, if not using the standard deduction. Mortgage interest on your timeshare can also be used as an itemized deduction but, for that one, you can only deduct two properties that you own, your residence and another.

If you rent the timeshare, the percentage of property taxes applicable to the points used for the rental can be deducted as a rental expense, but only if you are not also using them as part of your itemized deductions, i.e., you can deduct them as a rental expense if you use the standard deduction, but you do not get to both use them as an itemized deduction and a rental expense deduction.

 

[AnnaS]

Thank you. What I thought. I used to jot down the "real estate" taxes "just in case". Standardized deduction here for so many years. All points bought outright so no loan/interest there either.

Good info for new/er members.