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Review 4/27/2009
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We contracted with OT to relieve us of four timeshares. Three were handled fairly well, tho it took way longer to process than we were told it would take. We had problems with the last one and it took 10 months to complete the transaction. WARNING: when we went to do our taxes to deduct capital losses (which is one of the company's "selling" points--so it was for us!), we learned from IRS Tax Tip 2009-35, #4, "You may deduct capital losses only on investment property, NOT ON PROPERTY HELD FOR PERSONAL USE." So we were not able to recoup any losses. In essence, that adds up to paying an equivalent of about two more years worth of maintenance fees and taxes without being able to use any of the timeshares. Buyer beware. The company needs to rework that false advertising concept!
Nonetheless, we are glad to be out from under the escalating burden of maintenance fees and taxes for four timeshares.
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