When you have DVC, you can probably count on visiting Disney every year. Something else everyone can count on is tax documents making their way to us. Whether it’s digital or by postal service, every time tax season rolls around, most people gather their paperwork, receipts or other information until it’s time to file. You may not realize being a DVC Member may come with its own tax documents. DVC taxes and forms are different depending on how and where you buy. Can you write off Disney Vacation Club? Is Disney Vacation Club tax deductible? Are DVC dues tax deductible? All good things to consider! Let’s go over what you should know to ask your Certified Public Accountant or tax professional about when it’s time to do your taxes.
What Every Member Should Know About DVC, Taxes and Ownership
First and foremost, DVC Resale Experts is a licensed real estate broker with a team that specializes in resale DVC. The Experts specialize in selling Disney Vacation Club resale and are not tax professionals. None of the following is tax advice. These DVC tax topics are simply what you should be aware of if you’re a Member or considering buying DVC.
You may also be a Member who did not have any potential DVC taxes considerations before but would if you add on. If you take out a loan, things are different than if you pay cash for points. What are the DVC tax deductions? Here are a few areas to look over with your tax consultant.
From Disney Vacation Club’s Frequently Asked Questions
“Q: Is my Disney Vacation Club real estate interest eligible for any tax deductions?
A. You may qualify for some tax deductions and incentives. Be sure to talk to your tax or legal professional about any deductions and incentives that may be available to you.”
Talk to your tax professional about your DVC loan interest.
Those who purchase DVC outright, or have been fully paid off during the year being filed for, have less to consider regarding DVC tax related information. Here’s why. Interest paid on a loan may be something to include in the accounting of your taxes. If you have a DVC loan, definitely consult with your tax professional about the interest you have paid throughout the year.
The most important thing is knowing which DVC tax related documents you need to have in order to proceed. For example, if you have a loan, that may come with a specific document showing your interest paid. Your Form 1098 (reporting mortgage interest) comes from your lender.
If you borrow through Disney Vacation Club, they mail Form 1098 to the Primary Purchaser. You can also contact Disney Vacation Club Member Accounting about tax documents. DVC Resale Experts is also happy to assist and point you in the right direction when acquiring the documents you need from Disney Vacation Club directly.
If your loan is through another company, then that is who to contact in regards to this DVC tax form and related information.
Consult your tax professional about your DVC annual dues.
Are DVC annual dues tax deductible? This is a serious question to present to your tax professional. When it comes to DVC and taxes, remember that a Disney Vacation Club contract is a deeded real estate interest with operational similarities to a condominium association. It’s important to note that annual dues are made up of many different expenses including taxes and property maintenance.
The DVC tax forms annual dues bring about come from Disney Vacation Club directly. DVC tax forms and other financial information, like Annual Dues Statements, are mailed to the Primary Purchaser.
Selling DVC? Plan ahead with your tax specialist.
If you sold a DVC contract, or you’re thinking about selling DVC, talk to your tax professional about it. Remember taxes go by the calendar year so when you close on a sale is important to note. Ask your professional if you may have a financial responsibility when you sell DVC points. Tax forms related to selling a DVC contract will come from the title company who closed the sale, not from DVC Resale Experts.
Title companies do their best to meet the deadlines regarding when tax documents are sent, usually by the end of January each year. If you sold the year prior and don’t have the appropriate documents into February, reach out to the title company directly or DVC Resale Experts can reach out on your behalf.
Have you been a DVC owner for a while? If you purchased a few contracts, or many years ago, you may not remember what you paid for the specific contract that was sold. We have estimates based on historical data but can also put you in touch with someone who can research your specific situation.
DVC Resale Experts
Whether you’re adding on points, buying or selling Disney Vacation Club, the Experts can help you find the right price to place a bid with or list your contract for. Our independent, licensed real estate agents are former Disney Vacation Club Guides. They have decades of pixie dusted experience selling DVC and delight in providing excellent service to their clients. The Experts have seen it all and are happy to answer your questions throughout the process.
DVC resale prices can pleasantly surprise Members interested in selling DVC. See our resale DVC listings for a look at real time availability and pricing. Ready to sell DVC points? Get in touch for a complimentary valuation of your specific contract today. There may be someone waiting on our Buyer Wish List for a contract just like yours.