Today TaxMama hears from Barb from Kentucky in the TaxQuips Forum, who asks. “What amount can a person deduct for giving 2 weeks use of their timeshare to a charity? People tend to pay $800 a year for these 2 weeks.”
Do you mean that you could have received $800 if you had rented it out?
OK, when it comes to your home or vacation property, you can rent it out for up to 14 days without paying tax on any of that money.
So, instead of giving them the week or two, rent it out and collect the tax-free money.
Then donate all or part of it to your charity and take the deduction for the money.
OR…I’ll bet you get a discount on time in the time-share community.
Buy a week at a discount and donate that week to the charity.
Now you have a cost, probably less than your rental income.
You can sort of double dip this way.
What do you think?
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