I just read a post on a blog about donating your timeshare to a charity for a tax deduction. I haven’t looked into the recommended charity Donate for a Cause, but on the surface, it looks like a good one. Here’s my response:
“I’m all for helping charities like Donate for a Cause, but rather than walk away from your timeshare with only a small deduction, you’d be better off learning how to use your timeshare correctly.
The number one reason quoted for buying a timeshare is for exchanging it. Ironically, the number one reason quoted for wanting to sell a timeshare is frustration with the exchange process.
I’ve done nearly 50 timeshare exchanges with RCI and Interval International in 17 years, the last one to the Westin on Kaanapali Beach in Maui. If I would have had to pay for the 1 bedroom out of my pocket, I would have been out $600/night. Because I’ve discovered how to work the exchange system, I only paid $129 for the entire week.
Yes, I had to pay a maintenance fee of $600/year, but altogether this added up to about one night’s stay.
Timeshares, like most anything else, work well if you learn how to use them properly. So don’t blame the timeshare for not working but the timeshare owner for not learning how to use it properly.”
Certainly, if you’re not going to use your timeshare anymore or leave it to your heirs, leaving it to charity would be a good thing. If you do go down that road rather than reselling it, make sure you check with the BBB near the location of the charity to see if it is legitimate. Call the charity to see how much of each dollar goes to overhead (read saleries and such) and how much actually goes to the charity itself.
In the meantime, learn how to become an exchange expert by getting my guidebook “The Insider’s Secrets to Exchanging Your RCI Timeshare.”