Sad we are selling

[arhclo]

Same here, just closed our sale and a little part of me is sad, had such fun at BLT. But as vacation dates limited by our DDs schooling we were continually having to bank and borrow, so no chance to rent out points, and the annual dues were money I could better spend elsewhere at the end of the day

[YorkshireT]

Originally Posted by arhclo

Same here, just closed our sale and a little part of me is sad, had such fun at BLT. But as vacation dates limited by our DDs schooling we were continually having to bank and borrow, so no chance to rent out points, and the annual dues were money I could better spend elsewhere at the end of the day

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Did you make good money on it? Did you manage to get your 15% tax back?

[arhclo]

Originally Posted by YorkshireT

Did you make good money on it? Did you manage to get your 15% tax back?

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tax advisor has submitted paperwork, says will get 15% back. So fingers crossed!

[amy56]

I have spent the week debating selling two of my smaller contracts, but what with the fees, and then having to pay someone to claim the tax back, I’ve decided we are better off keeping the contracts and renting out some points through David’s for now.

I feel happier with that decision, as whilst my desire to go to WDW for at least the foreseeable has dwindled, we always had the dream of using it more in retirement and when, hopefully, grandchildren come along - so this way I haven’t closed any doors.

Hopefully the renting out of points ends up being an easy process, and we will have that as an option in future years too should we want to again.

[Tweety1]

Originally Posted by arhclo

tax advisor has submitted paperwork, says will get 15% back. So fingers crossed!

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So if you sell do you pay 15% on the full sale or just the difference that you made as profit? I assume if no profit made no tax due is this correct?
Do you have to hire a tax advisor in the US?

[YorkshireT]

Originally Posted by Tweety1

So if you sell do you pay 15% on the full sale or just the difference that you made as profit? I assume if no profit made no tax due is this correct?
Do you have to hire a tax advisor in the US?

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It's 15% of the total sale held back. Many closing companies/ sales agents can refer you onto a tax expert to do the refund. You can do it yourself but a lot of faff. I did see one post where a guy in a company in London also did it for some sellers.

[Tweety1]

Originally Posted by YorkshireT

It's 15% of the total sale held back. Many closing companies/ sales agents can refer you onto a tax expert to do the refund. You can do it yourself but a lot of faff. I did see one post where a guy in a company in London also did it for some sellers.

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What tax are you liable for then? As surely if you shouldn’t pay it why do they take it?

[YorkshireT]

Originally Posted by Tweety1

What tax are you liable for then? As surely if you shouldn’t pay it why do they take it?

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irs.gov/individuals/inte...ta-withholding

You can get it back if you jump through hoops filling in forms, which is why most people pay someone about $500 to do it for them.

[Tweety1]

Originally Posted by YorkshireT

irs.gov/individuals/inte...ta-withholding

You can get it back if you jump through hoops filling in forms, which is why most people pay someone about $500 to do it for them.

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Thanks I will have a read when my brain is in gear. Ha ha yes it’s worth every penny!

[Jax1970]

Sorry to hear that Jan. How small are the contracts - who have you listed with? I might be interested...