Friday, February 24, 2012

Gifting a Time Share

Q.  I have a Florida time share that I cannot seem to give away. Is it possible to donate this to a charity and at least get a charitable donation for it?

A.  Possible, yes, practical - to be determined. You will need to retain a certified appraiser to obtain a written valuation of the property.  Then, depending on the Fair Market Value (FMV) and your cost basis, the type of charity, etc. you may or may not have a worthwhile deduction. Prior to going to this expense and trouble, I would first determine if there is a charitable organization willing to receive your gift. You may have a real challenge on your hands. Good luck!

1 comment:

  1. Donating is a good deed. You will surely need an appraiser for your property to be donated.