I posted this the other day, but I need to give more detailed information in order to receive a useful answer. Several years ago we purchased a timeshare through Wyndham. We paid off the mortgage within a year of the purchase. With the deeded purchase, we received points that we could use on vacations. The points were given every other year as long as we paid the yearly maintenance fees and taxes. As we have aged, we no longer want to travel to the places where the points could be used. Wyndham has a program that allows you to give back your deeded timeshare to Wyndham. There is no cost involved, nor is there any benefit to me other than not having to pay yearly maintenance fees and taxes. When we went through that process in 2022 we had 154,000 points that we had not used. Wyndham asked us if we would like to donate those points to a charity called Vacations for Vets. We said sure. We received a letter thanking us for the donation. My question is, can the value of those points, which, I believe, is around $1,648, be deducted as a charitable donation. If so, how would I list it in TurboTax?
Thank you for your help!
Yes, since those points were donated to a charity this will be a charitable donation.
The donation of your points will be considered a noncash donation. Keep the receipt from the charity with your records. The receipt will include the charity's name, address, date, donation location, and description of the item. Noncash donations over $500 also require a record of how the points were acquired and the value (adjusted basis).
Manually enter your charitable donations directly into TurboTax using the following instructions: