If you want to make wise investments, there’s no one better to ask than your accountant. Even though you might be looking for a fancy resort to spend your summer, timeshares are often seen as a seemingly low-cost, but risky, opportunity that only those who have enough money to waste will consider.
While a timeshare can be a good idea if the terms and expenses fit your lifestyle, it’s still a good idea to ask your accountant about the following:
What are the main financial risks involved? In most cases, they will tell you to look at the various additional fees, such as broker fees, recurring payments required for maintenance, financing costs and other related charges.
How will it affect my taxes? Your CPA should be able to give you a rough estimate of how much you might be expected to pay and whether or not there are any complications involved.
What should I be aware of before buying the timeshare? In most cases, a CPA will draw your attention to the risks of falling victim to fraud and recommend that you check with the Better Business Bureau, as well as do some research on the seller and the resort, before considering signing the contract.
If you are looking to get out of your timeshare contract, tax refund season is a great time to do that. Call the professionals at https://www.timeshareterminationteam.com/.