How to Donate a Timeshare Week
If your timeshare week has become too expensive to maintain or you find yourself not using it as frequently as you'd like, consider donating it to charity. Charitable donations have several benefits resales don't. First, the donation is tax deductible. In addition, donations are relatively quick and they're free, so you'll be able to stop paying maintenance and other fees sooner. TimeSharing Today reports that a growing number of charities, including the American Cancer Society and the National Kidney Foundation, accept timeshare donations through partnerships with resellers who sell the timeshares at rock-bottom prices to get rid of them quickly, and then donate a portion of the proceeds to the charity you've chosen.
Other People Are Reading
Instructions
-
-
1
Evaluate your timeshare week for its suitability as a donation. Outstanding mortgages, liens and maintenance fees must be paid before you can donate. In addition, most charities accept only deeded timeshares.
-
2
Choose which charity will benefit from your donation. Search "timeshare donations" on the Internet and browse the results for charities rather than companies that sell timeshares on the charities' behalf. There seem to be thousands of those companies. It's easier to determine their legitimacy by the company they keep, so to speak. If you trust the charity, you can probably trust its timeshare partner, too. The search result for your charity will have information about how to make the donation and contact information for the charity's timeshare company.
-
-
3
Gather all of the documentation that pertains to your timeshare. Your deed, if you have it, your agreement of sale, maintenance agreements, payment records and any other documents may have information the timeshare company needs to evaluate your timeshare for suitability as a donation. If your timeshare is accepted, you'll need the documentation for the proceeding steps toward finalizing your donation.
-
4
Complete the online form on the timeshare company's website. The forms are self-explanatory and take just a few minutes to fill out.
-
5
Wait to hear from the timeshare company that your timeshare has been accepted and has been listed for sale. Expect a sale to take 6 to 10 weeks, according to the National Foundation for Cancer Research, which accepts donations through a timeshare company called Donate for a Cause.
-
6
Transfer ownership of the timeshare by signing and returning the deed the timeshare company sends to you.
-
1
Tips & Warnings
Keep the gift receipt and any other documentation the timeshare company sends for your records. You'll need it to claim any tax deductions for which you may be eligible.
You're responsible for maintenance and other fees for as long as you own the timeshare. Continue paying these fees until you've signed over the deed and have confirmation that the transfer is complete.
References
- Photo Credit Thomas Northcut/Photodisc/Getty Images
