I want to get rid of my time-share. Can I donate it to charity and get a tax deduction? --R.C., Ogden, Utah
Yes, if you can find a charity that is willing to take it. But you have to be careful. In some cases, a middleman will offer to find a charity for you for a stiff up-front fee, perhaps $5,000, and then either take months to close the deal or pocket the fee and walk away altogether.
You’re better off finding a charity that will accept the time-share directly, says Bennett Weiner, of the Better Business Bureau’s Wise Giving Alliance. You may have to pay a few hundred dollars in transfer fees, but avoid anyone, including a charity, charging thousands of dollars in up-front fees. Start by going to www.give.org, www.charitywatch.org or www.guidestar.org, then contact a few charities. You’ll need an appraisal for a deduction of more than $5,000. You can only deduct the fair market value of the time-share; beware of groups offering inflated appraisals. Also make sure the title is transferred to the charity.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
-
What Wall Street's CEOs Are Saying About Trump's TariffsWe're in the thick of earnings season and corporate America has plenty to say about the Trump administration's trade policy.
-
The Role of the U.S. Dollar in Retirement: Is It Secure?Protect your retirement from de-dollarization, because “capital always goes where it is treated best."
-
Trump’s Tax Cut Risks Your SNAP, Medicaid BenefitsTax Cuts The GOP budget blueprint could slash lifesaving programs for millions of U.S. households.
-
Missed Tax Day? Nearly One Million Taxpayers Still Can File and Claim Valuable Tax RefundsTax Refunds As many as one million taxpayers could be missing out on a significant tax refund.
-
Which Generation Pays the Most Tax in the US?Tax Burden Polls show that most people feel like taxes are unfair. But which age group bears the brunt of the tax burden in the United States?
-
How the Trump Harvard IRS Tax Threat Could Impact YouTax Law Trump's latest higher education showdown raises fundamental questions that could reach beyond Harvard's nonprofit tax status.
-
Tax Day 2025: Don’t Miss These Freebies, Food Deals and DiscountsTax Day You can score some sweet deals on April 15 in some select restaurants like Burger King, Shake Shack, and more.
-
Tax Time: Does Your Kid Influencer Owe Taxes?State Tax Some minors are making big money on social media. Here’s how to know if they need to file taxes.
-
Did Florida’s Chance at $1,000 in Property Tax Rebates Vanish?State Taxes The Florida Legislature bypassed Gov. Ron DeSantis’ wish to cut property taxes and instead voted to lower the state’s sales tax.
-
How Caregivers for Adults Can Save on Taxes in 2025Tax Breaks Caring for your parent or spouse can be stressful, but the IRS offers tax breaks for qualifying taxpayers. Here they are.
