Property Donation Group (PDG)

Ridewithme38 said:

I have a deed i purchased through DFC that was in the name of Project Philanthropy, the thing is though...When i got in touch with Wyndham about ownership of the Week/TS that was associated with that Deed, it was still in the name of the previous owner before Project Philanthropy....

Wouldn't this mean that the previous owner was still responsible for all MF's that will come due and if not paid, would be on the hook for any foreclosures or credit beheadings?

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Yes. It would be $299 to change the name with Wyndham though.

am1 said:

When donating a timeshare, how much am I able to use as a donation when it comes to my income taxes?

If both donation companies that posted on here could answer that would help me make a decision.

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I'm not a "donation company" but did you check out this article?

http://www.tug2.net/timeshare_advice/TUG_Taxes_and_Timeshares.html

am1 said:

When donating a timeshare, how much am I able to use as a donation when it comes to my income taxes?

If both donation companies that posted on here could answer that would help me make a decision.

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The rule is the same as when you donate any property - the value of the donation is what you can sell the unit for in an open, arms-length transaction. What you paid for it is irrelevant; the only thing that matters is what you could clear if you sold it.

So, if you are donating the timeshare because you are unable to find someone who is willing to pay you anything for it, your deduction is zero.

Ridewithme38 said:

I have a deed i purchased through DFC that was in the name of Project Philanthropy, the thing is though...When i got in touch with Wyndham about ownership of the Week/TS that was associated with that Deed, it was still in the name of the previous owner before Project Philanthropy....

Wouldn't this mean that the previous owner was still responsible for all MF's that will come due and if not paid, would be on the hook for any foreclosures or credit beheadings?

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I think mainly it means Wyndham is behind the curve give it 4 to 6 weeks and it will transfer to you.

The name on the deed is what counts in court - if Wyndham went after the previous owner for fees and they showed Wyndham a recorded deed deeding it over to you, Wyndham would turn on a dime and come after you - I promise.

ampaholic said:

I think mainly it means Wyndham is behind the curve give it 4 to 6 weeks and it will transfer to you.

The name on the deed is what counts in court - if Wyndham went after the previous owner for fees and they showed Wyndham a recorded deed deeding it over to you, Wyndham would turn on a dime and come after you - I promise.

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Good to know...so the deed is #1 and wyndham accepting it much less important

Ridewithme38 said:

Good to know...so the deed is #1 and wyndham accepting it much less important

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Weeeelllll, wyndham still has the keys, so if you want to actually use it .... you will need to pay the $299 to them.

ampaholic said:

Weeeelllll, wyndham still has the keys, so if you want to actually use it .... you will need to pay the $299 to them.

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This timesharing thing is too complicated...every answer brings about another question!

If someone transferred the deed legally, by recording it with the county.....but never paid the $299 to have wyndham record it....They would officially own it...But since it wasn't recorded by with Wyndham, they couldn't use it....but they also wouldn't be due any MF's either right? Might be an interesting way to hold onto a bunch of TS's to flip for sale, without having to build debt along with it

There's got to be something in the doc's that covers that situation though...right?

Ridewithme38 said:

This timesharing thing is too complicated...every answer brings about another question!

If someone transferred the deed legally, by recording it with the county.....but never paid the $299 to have wyndham record it....They would officially own it...But since it wasn't recorded by with Wyndham, they couldn't use it....but they also wouldn't be due any MF's either right? Might be an interesting way to hold onto a bunch of TS's to flip for sale, without having to build debt along with it

There's got to be something in the doc's that covers that situation though...right?

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Sound's like you will be the test case, son. Know a good lawyer?:hysterical:

Actually, I think you're right - there is something in the doc's to cover that.

Attorney for Donate for a Cause

Sorry for the delay in answering these questions I have been out of the office on vacation. The reason why Wyndham still had the previous owner in their system is because it takes them 4-6 months after receiving a recorded deed to up date their system. We have an Agreement with the donor that they are responsible for all fees for the current year and we are responsible for next year regardless of who Wyndham has as the owner.

The second question about taxes is that you can write off the fair market value of your timeshare. We get every timeshare appraised by a 3rd party licensed appraiser and that is the value that is communicated to the IRS. You multiply that amount by your tax bracket and can take that deduction off of your Federal and State taxes. You should discuss this with your tax preparer to ensure that you have tax liability to offset.

DFC Answers said:

The second question about taxes is that you can write off the fair market value of your timeshare. We get every timeshare appraised by a 3rd party licensed appraiser

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Which, again, begs the question, How can you determine Fair Market Value (FMV) or What criteria is used to determine FMV?

Does one take the approach that, since you could not even give it away and had to pay a party thousands of dollars to take it off your hands, that its FMV is zero? Or is that a massive oversimplification and there are other factors to consider?

finally transferred ownership of my TS

DeniseM said:

The risk with these unknown "donation" companies is that you have no way of knowing if they will really take the deed out of your name. You can sign all the transfer Docs, but if they don't complete the transfer with the county and resort, THEY have your money, and YOU still own a timeshare and all the obligations.

If you give it away yourself, you are in control of the transfer, and you can make sure it is legally transferred to someone who wants it.

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Denise, I stuck to your advice, and finally closed a deal yesterday, transferring my last TS to a new owner. Thank you for your great advice! I got out of my 2 timeshares in about 1 year, doing exactly what you suggested. Both buyers came through my classified bargain basement ad on TUG.

Chris

am1 said:

When donating a timeshare, how much am I able to use as a donation when it comes to my income taxes?

If both donation companies that posted on here could answer that would help me make a decision.

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I have been reading the comments/statements concerning Property Donation Group. With these tough economic times and timeshare programs going though many changes and slowdown, it was good for us to find someone to be helpful in downsizing our timeshare inventory. We had purchased several different timeshares in different areas during the high money times for people. We rented them out and normally had a place for us or our relatives/friends to vacation to at a low costs to them. Now that I'm a disabled Viet Nam vet with Agent Orange medical issues we are having to downsize and reorganize our estate. Ron was very helpful and was able to help us out on two of our units and plan to do the same with his company with 5 or 6 more. Paying a fee to donate these is better than paying annual/assessment fees and not getting a thing back or use. If you want to come down on someone take a look at Changing TImes Vacations. They get you to list your units for a $225 fee, then they never answer/return calls or emails
Thanks to the folks at PDG, I have less stress.

tapperjon said:

Paying a fee to donate these is better than paying annual/assessment fees and not getting a thing back or use. If you want to come down on someone take a look at Changing TImes Vacations. They get you to list your units for a $225 fee, then they never answer/return calls or emails
Thanks to the folks at PDG, I have less stress.

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You can also give them away using the free giveaway method here on TUG:

http://tugbbs.com/forums/showthread.php?t=132509

How much does PDG charge you do donate each property?

tapperjon said:

I have been reading the comments/statements concerning Property Donation Group. With these tough economic times and timeshare programs going though many changes and slowdown, it was good for us to find someone to be helpful in downsizing our timeshare inventory. We had purchased several different timeshares in different areas during the high money times for people. We rented them out and normally had a place for us or our relatives/friends to vacation to at a low costs to them. Now that I'm a disabled Viet Nam vet with Agent Orange medical issues we are having to downsize and reorganize our estate. Ron was very helpful and was able to help us out on two of our units and plan to do the same with his company with 5 or 6 more. Paying a fee to donate these is better than paying annual/assessment fees and not getting a thing back or use. If you want to come down on someone take a look at Changing TImes Vacations. They get you to list your units for a $225 fee, then they never answer/return calls or emails
Thanks to the folks at PDG, I have less stress.

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For those tempted to believe this post please note it is a first time poster, with a moving story, all too often these turn out to be shill posts meant to lull folks into believing a group is a viable way to be out of a timeshare week or weeks. In fact most are out for the money they collect upfront & may or may not eventually take the unit out of the current owners name(s). It is a rrisk you do not need to take or pay for - do your homework and use free sites to give away your unwanted timeshare - it is cheaper and you'll know it really has a new owner. With these types of groups you are trusting an unknown group to do what they promise. All too many times they don't but your money is long gone.

Be very careful. Believing this type of post can be very hard on your bank account.

???

timeos2 said:

For those tempted to believe this post please note it is a first time poster, with a moving story, all too often these turn out to be shill posts meant to lull folks into believing a group is a viable way to be out of a timeshare week or weeks. In fact most are out for the money they collect upfront & may or may not eventually take the unit out of the current owners name(s). It is a rrisk you do not need to take or pay for - do your homework and use free sites to give away your unwanted timeshare - it is cheaper and you'll know it really has a new owner. With these types of groups you are trusting an unknown group to do what they promise. All too many times they don't but your money is long gone.

Be very careful. Believing this type of post can be very hard on your bank account.

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Mr Chase: I am not a new poster. Had been on here many times researching and watching folks slam others. I'm a Disabled Viet Nam veteran trying to enjoy my Agent Orange life and contending with folks that make unfounded statements. No one had me post this. I have posted on other forums to let folks know there are folks taking advantage of others. PG did not have me post this. I'm thankful for those that help others out, especially those that need to redirect their estate planning to conform to life changes. We have 8 other units we may have to do the same with since I no longer can travel and enjoy the use of the units. I don't need pity for my health because I did fight for our country during trying times. Being exposed to Agent Orange was not my choice, just part of the job, your freedom.
So, maybe check with the posters first, and get the facts. Not everyone is evil
Jon

Property Donation Group

I did my due diligence researching timeshare liquidation companies. We were first stung by one of the online resellers who will "list for sale" your timeshare for a fee. They put it on a website with hundreds or thousands of other similar properties and you never hear anything more from them or any potential buyers because the market is saturated.

We have three "right to use" timeshares in Mexico that expire in a few years, but the one Property Donation Group took off our hands was in south Florida and deeded. We bought it cheap on Ebay, only used it a couple times. Not that great a location, resort or week.

I contacted Property Donation group and carried on a dialogue with Vanessa and Ron and searched the internet for quite some time. I could not find any disatisfied customers. They were very forthright with all my questions and gave me some references who I called, verfied their independence and their satisfaction with the Property Donation Group.

We filled out the papers, signed the power of attorney and paid what amounted to one year's maintenance fee for the transfer and transaction. I thought this a fair price. Ron said we could use our own attorney if we liked but by that time I trusted what I had heard and learned.

The whole transfer took about eight weeks this past year before it was deeded out of our names. I have called the resort and it now belongs to someone else.

We are happy with the professional conduct and courtesy of the Property Donation Group. If I needed this service again I would defintely be a return customer.

Minnesota Nice.

T_R_Oglodyte said:

The rule is the same as when you donate any property - the value of the donation is what you can sell the unit for in an open, arms-length transaction. What you paid for it is irrelevant; the only thing that matters is what you could clear if you sold it.

So, if you are donating the timeshare because you are unable to find someone who is willing to pay you anything for it, your deduction is zero.

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since this thread was bumped...i have a dumb question....i owned a bluray player, but after me and my ex broke up, she took the HD TV with her and i never bothered to replace it

I'm a crappy salesman so i sold it for $20 at a garage sale...does that mean that bluray player was only worth $20 even though it sells in the stores for $250??

Ride - I asked the IRS, and they said, "Yes," and they also asked if you declared the income on your income tax, and they want me to give them your phone number and address....

DeniseM said:

Ride - I asked the IRS, and they said, "Yes," and they also asked if you declared the income on your income tax, and they want me to give them your phone number and address....

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I have recently moved to Guam, just in case they ask again

im always fascinated at the first time posters who were so disgusted with their timeshare they paid an organization to take it from them, yet still visit timeshare owners websites.