Can I claim a tax deduction if I donate the use of my time share condo to my church?

Question

The annual maintenance fee on my condo is $500. The market value for renting a similar unit is $1,400 for the week. I purchased the time share for $12,500 several years ago. If I can claim a deduction.........for what amount?

Answer 1

The IRS specifically prohibits a charitable deduction for donation of the use of a facility. So you will not be able to deduct any costs that you incur for your timeshare, not even your out-of-pocket expenses for annual maintenance. Not the rent you could have received if you had rented it.

If you donate the entire timeshare to your church, you could take a tax deduction. The exact amount of the tax deduction depends on how you used the timeshare, your cost, and the current fair market value of the timeshare. In most cases, your deduction would be the current fair market value or your cost, whichever is less.

Answer 2

The first question you must answer is: Do you still have free and unrestricted access to the condo?
If the answer is "Yes" then you cannot deduct the cost as a deduction.
But you can claim as income and deduct expenses.

The second question is: If you give the condo to the church you can claim the current Market value less any depreciation previously taken.

Good luck, you are well advised to see a really good tax accountant.

Good luck.

Answer 3

You definitely CAN'T claim the $1400 rental amount that's gotten for similar units. You can claim your actual expenses, so might be able to claim that week's share of the annual maintenance fee.

Answer 4

Your actual out-of-pocket costs, if any. That's it.