Timeshare and Taxes?

Hi, I enjoy my timeshare and I am paying it off. I was wondering if it is a good move to pay it off with a credit card which is offering me a 4.99% APR or should I keep paying it with a rate of 14.99% since the interest in deductible??? Thanks

Timeshare and Taxes?va loan

Since the highest tax bracket is 35% that would drop the effective mortgage to about 10%. Sounds like the credit card is better.

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|||Stay with the 14.99% as it will give you tax deductions and if you are paying it off it wont matter anyway. You could also refinance the loan and get a cheaper rate of interest as that seems way too high.|||Timeshare:

vacation unit in which a person owns the right to use it during a specific period each year

Taxes:

impose a tariff, impose a levy; burden, demand too much|||How is the interest deductible? From where?

The only mortgage interest you are legally allowed to deduct is for your primary residence (read home) not your vacation property.|||If you can pay the timeshare off in the promotional period of the credit card (my guess is 12 months) for 4.99% then do it, otherwise don%26#039;t. The interest in a timeshare is NOT tax deductible, since you don%26#039;t own a residence.|||How long is the 4.99% good for? There is usually a limit of only a few months and other charges on the credit card are paid off last so you end up paying the high interest rate on the new charges. The way to get around this is to read the fine print. Some of them have the 4.99% for only the first check you use, the second one is probably around 6 or 7%, but is for a longer time. If that is the case, use the first check for $100, then use the second one for the time share and don%26#039;t charge anything else on that card until the time share is paid off. Check and see if the timeshare interest is tax deductible. I never heard that. You might want to check at www.irs.gov, or at www.tstoday.com Time share today is a consumer time share owners website and newsletter