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Old February 9, 2010, 01:46 PM   #1
pefs65
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BBS Reg. Date: May 22, 09
Location: PA
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Resorts: DVC-Bay Lake Tower Marriott Maui Ocean Club
MF statement property tax write off

Where on my MOC MF statement would be the property tax amount that I can use on my taxes to write off?

Is it the actual amount?

I own EOY.

Thanks
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Old February 9, 2010, 02:55 PM   #2
rthib
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Resorts: Marriott: Shadow Ridge, Canyon Villas
I am not a CPA

If you look at the insert with your MF or go to MVCI web site, you can see they break out everything.

I own at Canyon Ridge and the line item for property tax in 2009 was $41.31 in 2010 $38.88 per unit week.

So yours should probably be around that amount.
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Old February 9, 2010, 03:17 PM   #3
rcgrogan
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Resorts: Custom House, Maui Ocean Club, Waiohai Beach Club, St. Kitts
I am EOY at MOC also, the tax amount for last year was $60 and it does qualify as a RE tax deduction.
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Old February 9, 2010, 03:28 PM   #4
tiel
 
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Multiple weeks?

Quote:
Originally Posted by rcgrogan View Post
I am EOY at MOC also, the tax amount for last year was $60 and it does qualify as a RE tax deduction.
If you own at multiple resorts, are the property taxes from ALL of your weeks deductible? Is there any sort of limit?
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Old February 9, 2010, 03:35 PM   #5
pefs65
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Resorts: DVC-Bay Lake Tower Marriott Maui Ocean Club
Thank you for the response.
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Old February 9, 2010, 03:40 PM   #6
pefs65
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Resorts: DVC-Bay Lake Tower Marriott Maui Ocean Club
You know I just realized that I paid MF for 2010 but not 2009.

So I guess for this Tax yr 2009 I can not write off the property tax because it is for 2010 right?
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Old February 9, 2010, 04:37 PM   #7
rthib
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Quote:
Originally Posted by tiel View Post
If you own at multiple resorts, are the property taxes from ALL of your weeks deductible? Is there any sort of limit?
Again, not a Tax guy but did talk with one a while back.

Yes, no limit as long as property taxes are billed or listed separately for each unit you can take each deduction.

Example:
For Shadow Ridge you get a separate bill, so no problem.
For Canyon Villas, the fee insert has a separate line item for property taxes per unit, so good also.

If you had a T/S Share that just sends you a Main Fee bill and then provides you with the total budget - You can not do the math yourself and take the deduction (So if Tax for a 1000 room resort was 520,000, you could not deduct $10 (520,000 / 1000 rooms / 52 weeks).
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Old February 9, 2010, 11:56 PM   #8
Dave M
 
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rthib has it exactly correct. And, confirming, from my Income Taxes and Timeshares article:
Quote:
... if the property taxes applicable to your unit are billed separately to you (such as in California), those are deductible. They should also be deductible if your resort shows them as a separate item on your maintenance fee billing. However, if you have to seek out the tax amount applicable to your unit by examining the financial statements, the taxes are not deductible.
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Old February 10, 2010, 12:48 AM   #9
vacationtime1
 
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Resorts: Marriotts: Waiohai and Kauai Beach Clubs; Starwoods: Ka'anapali, Kierland (x3), and Broadway Plantation
So why does Starwood itemize the property tax amount on at least one of the maintenance fee bills it sends out (Kierland) but not on others (WKORV, SDO, and SBP)?

If Starwood itemized property taxes on the Maui properties where the massive increases in property taxes are one of the reasons for the 20% increases in MF's this year, it would provide some tax benefit for its customers and simultaneously justify at least a portion of the fee increase. Does it matter that Starwood is not actually paying the tax increase, but instead deposits it into some kind of impound account pending administrative or judicial determination of the propriety of the tax increase?

Am I missing something or is this just another example of Starwood's poor management (Starwood gains nothing by not doing its paperwork in a way to give its customers a tax break)?

BTW--Marriott itemized property taxes on the MF bills it sent for Waiohai.
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Old February 10, 2010, 08:15 AM   #10
rcgrogan
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Resorts: Custom House, Maui Ocean Club, Waiohai Beach Club, St. Kitts
perfs65, the taxes are a deduction in the year that they are paid...so if you paid the 2010 MF in 2009 theycan be deducted in 2009.

Also, there is no limitation on how many units (taxes) are paid.
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Old February 11, 2010, 08:01 AM   #11
pefs65
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Yes I did pay them in 2009.
So great I will use them as a property tax deduction.

Thanks for all of your help.
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Old February 11, 2010, 08:27 AM   #12
pefs65
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Resorts: DVC-Bay Lake Tower Marriott Maui Ocean Club
I just checked my MF statement and it says my property tax for my 2br eoy MOC is approx $144?

Is that right ? would that be the figure I use?

Thanks
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Old February 11, 2010, 05:58 PM   #13
jimf41
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Resorts: Ocean Pointe 1 Plat, 3 Silver, Frenchman's Cove 1 Plat Plus, 2 EOY
OK, I have a question for you tax Guru's out there. I just found out that Marriott is telling new buyers that the tax bill for Frenchman's Cove will be $271 in 2011. If that's true, and I have no confirmation that it is, that means I would get a bill for 2006 thru 2011 next year. Do I have to file a bunch of amended returns or can I just deduct it in one year since I will be paying it in one year?
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Old February 12, 2010, 12:31 AM   #14
Dave M
 
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Property tax is deductible only in the year paid, no matter what year the tax is related to.
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