“Charity is injurious unless it helps the recipient to become independent of it.” – John D. Rockefeller
The holiday season is rapidly approaching, and we all know what that means: the season of giving is upon us! Christmas is a time of goodwill, peace, and charity, but it’s not necessarily always better to give than receive. For instance, donating your timeshare to charity might seem like a convenient way to rid yourself of such a financial burden, but the only thing you’ll receive in return is a massive headache!
Timeshare donations paint a picture of philanthropy coupled with massive tax deductions, along with the obvious benefit of ridding yourself of your timeshare obligations. This pie in the sky offer seems too good to be true! Unfortunately, it is.
Timeshare donation is one of the most common and expensive scams in the industry today. Not only that, but it could trigger an audit of your tax returns by the IRS, upon which, it will be revealed that the donation was really a scam – leaving you owing Uncle Sam a hefty sum. To put it simply, donation just isn’t a viable option as a timeshare exit solution.
Here’s how it works: A group of sales professionals sequester a group of disgruntled timeshare owners into to a physical location or a webinar with someone posing as a timeshare counselor.
Once the presentation begins, they’ll feed you quasi-accurate information about the folly of listing your timeshare on the resale market. (Note: This is the only part of the scam that is remotely valid – timeshare are nearly impossible to sell.)
When they feel like they’ve convinced you to enlist their services, they will request a large up-front fee to channel the timeshare to various charities with which they’re affiliated. Next, they’ll appraise your timeshare and claim that it’s worth roughly 75-80% of its initial value, which overshoots the mark by about 75-80%.
After the bogus appraisal has been completed, they’ll assure you that you can write this arbitrary figure off on your taxes. For the salespeople, the closer is that the amount that you will receive in your tax deduction will far exceed the amount you paid for their services – a claim that has proven too good to be true in the past.
Keep in mind, if you go through with this process, the IRS could potentially audit you and hold you responsible for the refund that you receive. At this point, it will be too late to plead ignorance. Given the shabby timeshare resale market, the IRS is fully aware that your timeshare is not worth what these companies appraise them for. Further, they know that you are also well aware of this fact, and they will act accordingly.
Timeshare donation is a dangerous, expensive, and inefficient method of timeshare disposal. If you don’t believe me, discuss the matter further with your attorney or accountant; you’ll hear the exact same thing from them. At best, it’s a poor financial decision, at worst, it’s a scam that could get you and your family in hot water with the IRS. If you’re honestly considering timeshare donation, please, at the very least, seek an accurate appraisal of your timeshare from an objective source.
I strongly urge you to be thorough in your search for an efficient and expedited timeshare exit solution, but I’d really hate to see you dig deeper into financial difficulty by dealing with timeshare donation agencies. I know that many of your have dealt with less that reputable individuals and organizations in the past, so please don’t make the same mistake twice!
At Newton Group Transfers, we make no pretense about the value of your timeshare. The goal isn’t to prey on your financial insecurity and then swindle you out of your hard-earned money. We’ve helped thousands of former timeshare owners become timeshare free and have earned an A+ rating with the Better Business Bureau along the way. We genuinely want to help you end your timeshare obligation through honest and legitimate means.
If you use and enjoy your timeshare, then it has significant value to you and your family. If not, then you need to ask yourself if timeshare ownership is still the best choice. The legitimate, most expedient way to get out from under the heavy burden of a timeshare contract is to transfer it with Newton Group Transfers.
We have our client’s best interests in mind, and we will work tirelessly and honestly to remove you from your timeshare obligation through legitimate means. Please contact us today at (877) 354-4321 to free yourself from your timeshare contract.