The Developer Sells Timeshares For $20,000. Can I Take A $20,000 Deduction?

Determining the actual value is between you and the IRS when you file your tax return. If the developer is selling timeshare units in the same location that are identical to yours for $20,000, you could certainly claim a tax deduction for $20,000 if you can get an appraiser to confirm this value. However, experience suggests that it may be difficult to find such an appraiser willing to agree that $20,000 is the true value on the resale market.

It is common that a developer will sell a timeshare week for $20,000 while the very same timeshare unit for the following week is being offered for $4,500 on the resale market by a different timeshare owner or through a listing agent. It's like buying a new car: As soon as you drive it off the lot, the resale value drops substantially. If you get into a dispute with the IRS, they will undoubtedly argue that it is worth $4,500 and you will argue that it is worth $20,000.

A good argument can be made for both sides. Ultimately, this is a decision ... more.

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