Giving your timeshare to a friend or family member gives them years – or even decades – of memories they will cherish forever. Those memories will always be connected to your incredible generosity.
If you would like to gift your timeshare to someone, here is a breakdown of things to consider as you prepare for the process:
Understanding the transfer process:
Most timeshare companies will help you with the process of gifting your timeshare. You should contact your timeshare company to learn about their transfer process and the requirements that are associated with it.
Financial considerations for the new owner:
The person you gift your timeshare to will become responsible for any payments or costs that you were responsible for. This includes maintenance fees and outstanding fees or special assessments.
Tax implications:
Gifting a timeshare may have tax implications, particularly if the timeshare’s value exceeds the annual gift tax exclusion amount. You should speak with an accountant to see if the new owner will have to pay taxes on the value of the timeshare.
Age Restrictions:
Some timeshare properties/resorts have restrictions regarding the age of timeshare owners and/or the age of people allowed to be guests. Contact your resort to make sure the person you are gifting the timeshare fits within these restrictions.
Our Advice: If you, the timeshare owner, and the friend or family member you are planning to gift your timeshare to are in a financial position to handle the transfer, this is an incredible gift. You are giving someone the chance to enjoy a lifetime of travel experiences in countless locations.