You are here:

Time-Shares/Time Share Settlement

Advertisement

Expert: Andreas Rossler - 10/16/2007


Question
Hell,

Since timeshares do not seem to sell easy, I recently settled for a cash amount, signed back over the deed to get out of it with the company/property owner who was actually the original seller, etc. Is there anything I can write off on my taxes for this loss? I settled for about 50% of what was owed on the loan.     

Thank you,
Dave

Answer
Dave, excellent question.  I am not an accountant or lawyer, but I do believe you can write something off.  I would go to the accountants or tax lawyers here on allexperts.com and ask them about this one.  I think it depends if the timeshare was deeded or a membership.  It can be complicated.

If you could, follow up and let me know their thoughts so that I can help others in similar situations, it would be greatly appreciated.

Time-Shares

All Answers

Answers by Expert:

Ask Experts

Volunteer

Andreas Rossler

Expertise

I'm able to answer general questions on timeshares and specifically in regard to purchasing, renting or exchanging timeshares on the secondary or resale market and through the Internet. I have expert knowledge in sales, mechanics (how and why timeshares work), and timeshare exchanges. I am also well versed in timeshare financing and may be able to guide you to better financing or refinancing options for your timeshare purchase. If you ask questions of a legal nature, or those requiring tax advice - I may not be able to answer fully.

Experience

I have 10 years of industry experience in sales, management and processing. I'm currently CEO of Timeshare Village, a resource for timeshare owners and industry professionals.

Organizations
Mensa - Life Member

Publications
I have been interviewed by Channel 7 News in the Bay Area of California regarding my opinions on Worldmark, the Club timeshares as developed by Trendwest-Wyndham Resorts.

Education/Credentials
MBA - Master's in Business Administration BS - Mathematics BA - Economics California Real Estate Broker

©2012 About.com, a part of The New York Times Company. All rights reserved.