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Old 11-16-2018, 10:54 AM   #11
Lamima
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Can you take annual dues out of any gains?
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Old 11-16-2018, 11:33 AM   #12
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tax portion can be deducted annually as tax expense on schedule a.

you can deduct capital reserves portion for all years owned when selling, along with any special capital assessment (not operating expenses)...over the years, that can add up to a nice deduction from capital gains and sometimes provide a capital loss that can be taken on 1040.
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Old 11-16-2018, 10:12 PM   #13
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Quote:
Originally Posted by DVCERSINCEDAY1 View Post
tax portion can be deducted annually as tax expense on schedule a.

you can deduct capital reserves portion for all years owned when selling, along with any special capital assessment (not operating expenses)...over the years, that can add up to a nice deduction from capital gains and sometimes provide a capital loss that can be taken on 1040.
I had known the first part and we do it every year for all of our timeshare properties. The second part is interesting. We have no plans to sell, but I never would have realized this part.

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Old 11-17-2018, 09:07 AM   #14
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So I suppose this means I should have been saving all of those dues breakdown flyers they mail us every year? Oops I think I have last few years in my tax files, but none before that.

Is there anywhere online I can access these figures? (for the capital gains issues, not the schedule A - I already do that bit too).
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Old 11-17-2018, 09:19 AM   #15
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They have dues on the member site. Wonder if print out of screen shot will be sufficient? But it doesnt break down what dues are for...is Barb saying i can only count the HHI special assessment (from hurricane) part of my dues? And not all the dues?
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Old 11-17-2018, 09:46 AM   #16
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Quote:
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They have dues on the member site. Wonder if print out of screen shot will be sufficient? But it doesnt break down what dues are for...is Barb saying i can only count the HHI special assessment (from hurricane) part of my dues? And not all the dues?
and any capital reserves monies collected during ownership. has to be broken down to show. you might consider estimating this based on info available from current year.

I have screwed the pooch...new computer, forgot member password, now wants me to give them id? and activation code. guess that means a call at 9:00.
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Old 11-17-2018, 10:43 AM   #17
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and any capital reserves monies collected during ownership. has to be broken down to show. you might consider estimating this based on info available from current year.

I have screwed the pooch...new computer, forgot member password, now wants me to give them id? and activation code. guess that means a call at 9:00.
I hate when that happens. I have relatively new laptop and went through same.
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Old 11-17-2018, 10:46 AM   #18
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Quote:
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I hate when that happens. I have relatively new laptop and went through same.
what a nightmare! an hour later, i'm back in but there is no breakdown of dues that I find. it probably will be broken down when we are billed online. I know that it is broken down on the hard copy bills sent.

I did a general search for 2019 dues, found somewhere the breakdown paperwork...for akv 2019, capital reserves are just over $1/point (per year owned).
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Last edited by DVCERSINCEDAY1; 11-17-2018 at 10:59 AM.
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Old 12-06-2018, 02:46 PM   #19
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We just bought a new home in Winter Garden and might be looking to sell our 2 contracts(VGF,AKV). I am going to ask a tax professional but thought I would throw it out here. If we were to sell and did so for less then we paid for would we be liable for taxes since there are no capital gains. Any thoughts would be great.
You will get a 1099 tax form from the closing company showing the gross sales amount. It will then be up to you report the earnings (or loss). Your tax professional can help you figure out what "expenses" you incurred to sell (commission, closing costs, notaries, etc) versus what you paid for the ownership. Hope thats helpful! - Kristen
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