Tax Question!

[love the magic]

Does anyone know if I will be getting anything from DVC that needs to be filed with my taxes? I do itemize, so I'm thinking that I should be able to deduct something...but I haven't gotten anything in the mail from DVC to date!

Any insights are welcome!

Thanks!

 

[Lady V]

Does anyone know if I will be getting anything from DVC that needs to be filed with my taxes? I do itemize, so I'm thinking that I should be able to deduct something...but I haven't gotten anything in the mail from DVC to date!

Any insights are welcome!

Thanks!

yes-you will be getting a tax form where you can deduct your interest because it is considered a 'second' mortgage. Now, you must have a 'first mortgage' to deduct it though. If you dont own a home you can't deduct 'DVC'. Hope that made sense. At least that is what happened to my ex husband last year. Also-I got my statements a couple weeks ago. Maybe call MS on Monday or check online?

 

[cobbler]

There is a recording that said they would start mailing out those statements on or around January 26th. I am thinking if I don't have mine by the end of this coming week I will be calling.

 

[DisneyFreaks]

Thanks so much for this information. We did our taxes last night but weren't sure if we would be receiving anything about the interest. We decided to hold them in the computer for awhile to see so this is good to know.

 

[vascubaguy]

You might also be able to deduct the "property taxes" that you pay. You won't get a form for those, but if you look on your annual dues statement it should be one of the last items on the list.

 

[love the magic]

Thanks so much for your responses! Always good to know I can find this kind of information from my friends here at the DIS!

 

[CarolA]

Also just an FYI for those of you who purchased resale.... if you financed check with your tax advisor before deducting ANY interest. My first re-sale was financed for a few months and I was unable to deduct the interest. The loan was not guranteed by the property as the IRS requires.