The decision to dump a timeshare from your holdings does not need to focus entirely on a sale. The expenses of listing your timeshare through a broker and the discounted sale price necessitated by a flooded market make for an unsatisfactory transaction. You can realize a number of personal and financial benefits when you donate a timeshare to charity.
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Procure a copy of your deed and other documents needed to donate your timeshare to charity. A duplicate of every form presented at the time of the purchase of your timeshare should be forfeited to the charity.
Request documentation of the value of your timeshare from a charity at the time of donation. A donation of a timeshare to a non-profit organization can be deducted on your income taxes.
Consult with fellow owners on your property to donate the entire value of the timeshare to charity. It is important to play up the tax deduction, as well as the simplicity of donating a timeshare instead of selling at a price well below the original purchase.
Set aside funds that would have been used on broker fees to amplify your donation to charity. Timeshare owners who use experienced brokers spend between $300 and $1,000 to sell their property.
Focus your search for a worthy charity to organizations dealing with issues that hit close to home. For example, organizations like the National Foundation for Cancer Research use timeshare donations to help fund efforts to fight cancer (see Resources below).
List your timeshare donation through a non-profit organization with connections to a large number of charities. There are online networks like Donate for a Cause that list dozens of charities around the United States looking for timeshare donations (see Resources below).
Keep your gift of a timeshare at the local level with the help of faith-based organizations. A non-denominational group like Real Estate with Causes will use online forms to connect potential donors with local groups in need of donations (see Resources below).
Tips and warnings
- Investigate the reputation of a charity before you donate your timeshare. Most charities that accept timeshares will provide tax status, background information and contacts for donors concerned about transaction security. Set aside guilt for questioning a charity to create a high level of comfort with a timeshare recipient.
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