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RED FLAGS IN THE TIMESHARE EXIT PROCESS
TIMESHARE SALES SCAMS
If a timeshare exit deal sounds too good to be true, it probably is. Beware of phone solicitors telling you someone has a buyer for your timeshare. The FBI has warned that victims often report receiving phone calls from fraudulent sales representatives telling them they need an immediate answer because there is a willing timeshare buyer on the other line or in their office. Then they ask for a credit card deposit to secure the sale, as a transfer fee, or as any other exitrelated payment. Once the payment is made, you never hear from the company again.
DO NOT IGNORE RED FLAGS
“DONATE YOUR TIMESHARE” PROGRAMS
These programs could get you in serious hot water with the IRS if you claim an invalid deduction. Timeshares don’t hold value, so the amount you would be able to deduct is negligible. If a timeshare like yours is being sold for $1, then the market value is likely somewhere close to $1. So, if you are deducting the market value of $1, it’s not even worth it. If you attempt to deduct an amount that is greater than fair market value, you might invite an audit of your tax returns from the IRS. Furthermore, it is unlikely that a charity, in general, would want to receive donated timeshares because they are a liability. If the charity takes a timeshare as a donation, the charity becomes liable for all related fees. Even if the charity rents it out, it will most likely be unable to recoup these costs.
Need To End Your Timeshare Ownership? Call The Timeshare Exit Hotline At: (877) 323-9923
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