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General DVC Discussion For discussion on how the DVC works and resort information. |
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12 Jan 21, 10:36 AM |
#1
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VIP Dibber
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Selling up question
Morning all,
I’m sure it’s been discussed before but I couldn’t find it. For us UK owners IF we sell what are the costs that we need to know about? What are the tax liabilities and can we claim any of that back? Any advice from anyone who has done this would Be appreciated. Ty. |
12 Jan 21, 10:56 AM |
#2
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VIP Dibber
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1) Brokers Fee - usually between 7-9% of sale price
2) Possibly Notary Fees if your signatures need a witness - around £75-100 3) Postage - around £30 4) FIRPTA - 15% of sale price - can be reclaimed either by your self not easy but it's free or you can get an agent to do it for you costing $400/500 |
12 Jan 21, 11:38 AM |
#3
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Imagineer
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We have just sold a contract for $7500.Out of this we will receive $5175 and $1125 when we get the tax back.We have paid out £23 in postage and £120 in notary fee. Hope this helps.
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12 Jan 21, 11:40 AM |
#4
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Thread Starter
VIP Dibber
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Thank you.
Who did you sell through? Did it take you long? |
12 Jan 21, 11:40 AM |
#5
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Thread Starter
VIP Dibber
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12 Jan 21, 12:09 PM |
#6
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Imagineer
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We sold through Resalesdvc .We accepted the offer on 11 November and will close this week,so about 2 months altogether
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12 Jan 21, 12:44 PM |
#7
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Excited about Disney
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As a seller with us you would pay a 6.5% commission, $150 in fees to Disney and you would have the FIRPTA. Most owners use Nancy Carpenter or Wade Carpenter to assist with the FIRPTA.
You can email me at jason@buyandselldvc.com with any questions and we do have an open listing so you can list with us and others. We have two different FIRPTA specialists you can reach out to and see which one you prefer. Nancy or Wade can explain the FIRPTA in further details. I would suggest you send them both an email and say something like “I own a Disney Vacation Club property I am thinking of selling. I am a foreign seller and I understand I have to pay a 15% FIRPTA tax at closing. I also understand you might be able to help me recover those funds. Please explain how you can help me and the costs I would have to you.” Wade wadejohnsonpa@aol.com Nancy Carpenter nancy@fitaxes.com Jason Erpelding Lic. Real Estate Broker Buy and Sell DVC, Inc.®
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Approved Sponsor Buy and Sell DVC Licensed Real Estate Broker for Buy and Sell DVC |
12 Jan 21, 02:24 PM |
#8
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Apprentice Imagineer
Join Date: Mar 12
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I was 8% broker fee
As I was her client before my solicitor didn’t charge a fee for getting the documents notarised No postage costs as we sent a prepaid fedex label Waiting on my FIRTA tax, I’m using Wade Johnston
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: Lesley : |
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26 Nov 21, 01:45 PM |
#9
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Very Serious Dibber
Join Date: May 13
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Many thanks Love*my*hols for providing those figures and hopefully you've since received a refund of the 15% FIRPTA withheld.
We have a few questions. How long did it take to receive the refund and was it the full amount withheld of $1,125? Also, the difference between the selling price of $7,500 and the total you had expected to receive, was $1,200. That was 16% of the selling price so what services were included in that $1,200. All the best. Edited at 01:47 PM. |
26 Nov 21, 02:05 PM |
#10
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Imagineer
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We haven't actually received our refund yet on another contract that we closed in Feb .We have chased it up but the delay is with IRS.I don't think we'll receive it all back because we will be taxed on profit but not taking into account exchange rate I don't think we'll have made much .On this contract we received our refund in July and it was $665 with $460 to IRS As far as the $1200 costs,this was $450 to claim tax back and rest was resale company fees as far as I can remember
Edited at 02:10 PM. |
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