Lawmakers Debating Taxes on Timeshare Trades

[DVC Mike]

This thread discusses the Content article: Lawmakers Debating Taxes on Timeshare Trades

The issue with timeshares is to exclude them from the tax when an owner exchanges their timeshare with another, either individually or through RCI or II.

However, DVC memebers who \"rent\" their points out for money are still liable for the state and county taxes. I doubt any members are collecting and sending in this tax, however...

http://dor.myflorida.com/dor/taxes/r..._property.html

[PoohsPal]

DVC Mike wrote:

However, DVC memebers who \"rent\" their points out for money are still liable for the state and county taxes. I doubt any members are collecting and sending in this tax, however...

I\'m guessing that\'s incredibly hard to track, though. I would think they\'d have to be caught by teh IRS fro unreported income and then turned over for state and county taxes. JMO.

Back to the tax at hand though, that would stink if we got taxed on trades. Maybe tehy should look at an income tax on their citizens like most other states have. Yeah, I\'m dreaming, I know. It\'s wayyyy too easy for tehm to tax non-citizens who don\'t have a vote.

Forgive me Floridians!

[DBorges]

First if this offends anyone I am sorry.

But if i read this correctly it is on Exchanges. Simpley put Do not exchange then not a worry.

Now I knmow we all at somepoint are going to exchange it merly a way to create income from a tax.

I hate the car rental taxes hell i get changes for a battery tax lol


As for the rental issue that is simple too Do not rent then you have no worry. With all the hubba over renting anyways why in gods name would you want to get in that jam.

To make sure you understand me I am refering to renting points for comm gain not renting the balance of point s you have and are not going to use..

Dave

[DVC Mike]

I\'m guessing that\'s incredibly hard to track, though. I would think they\'d have to be caught by teh IRS fro unreported income and then turned over for state and county taxes.

But does every DVC member who rents report their rental income?

Back to the tax at hand though, that would stink if we got taxed on trades.

I don\'t think it\'s fair to tax an \"exchange\".

[DBorges]

DVC Mike wrote:

I\'m guessing that\'s incredibly hard to track, though. I would think they\'d have to be caught by teh IRS fro unreported income and then turned over for state and county taxes.

But does every DVC member who rents report their rental income?

Back to the tax at hand though, that would stink if we got taxed on trades.

I don\'t think it\'s fair to tax an \"exchange\".

Mike your right I am willing to bet even the selective members who do rent all there points I bet they do not report that income at all.

I would have to agree with the tax being totaly unfair for exchanges as I beleive that would be any exchange that you pay the 95>00 fee for .


So I would get nailed if I wanted to go to Disneyland on my every three year rotaion..

ONE WORD YUCK!!!!!!!!!!!!!!!!!!!!!!!!!!!

[PoohsPal]

DVC Mike wrote:

But does every DVC member who rents report their rental income?

Doubt it. And that\'s exactly my point. The County adn State will never be able to find out you are doing it on their own. So, that won\'t likely help their tax base.

I\'m with both of you on the matter at hand, taxing exchanges. It would stink.