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Post by BWV Dreamin on Mar 18, 2023 17:58:47 GMT -5
I recently rented a reservation for my birthday weekend through DVC Resale Market. Didn’t have much trust in David’s, and there isn’t an RTB. So that seemed like the easiest avenue. I’ll report back after the trip to review the rental process from the client side, if anyone is interested. I am interested!! Please do tell!  |
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Post by brp on Mar 18, 2023 18:03:09 GMT -5
I don't know the answer to the first one, but it makes it easier for folks to avoid paying taxes on earnings if there is no record.
As for PayPal, I do know that "friends and family" is not intended for use in for-profit business transactions, no matter what specific wording they may have or ways to work the language. But, yeah, it's easy to work around that intent.
Cheers.
And David’s didn’t use the friends and family option on PayPal. I did when I rented out points privately, but that wasn’t for business. Someone above stated that David's did use this option, so I was responding to that.
As for private transactions, if they are for profit transactions, "friends and family" is not appropriate and just a way to avoid fees. I do it myself in these cases, but I fully acknowledge that I'm breaking the rules rather than trying to find a way to make it seem to comply.
To each their own.
Cheers.
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Post by BWV Dreamin on Mar 18, 2023 18:04:58 GMT -5
So scamming both the taxing authorities and PayPal. Not a bad racket there 
Cheers.
Since David’s is based in Canada is he obliged to issue US tax documents? Is it even possible for a foreign company to issue US tax documents? As for PayPal, I’ve used friends and family to receive money for rentals, since Venmo doesn’t operate here. That isn’t a scam, PayPal doesn’t have rules in place as to what you can receive money for using the friends and family option. They just won’t get involved in any disputes if you use that option. But David’s did offer the option of a personal check when we used them to rent out our points. I chose PayPal because I didn’t have a CAD$ bank account. I don’t know what year that was, but I personally inquired about his rental process ( renting my points out) and he does not pay via personal check or direct deposit. That was a month ago. It is absolutely prohibited to rent out a timeshare through PayPal as a business venture. Again I know someone personally who was caught, they made them refund the purchaser and closed their account. Friends and Family skirts the tax issue. Plain and simple. Some people like the fact that he doesn’t issue a 1099 form ( whether he can or can not do this I don’t have a clue), but only using PayPal as a form of payment to the owner, nope not gonna do that. |
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Post by FessParker1 on Mar 18, 2023 19:16:12 GMT -5
Since David’s is based in Canada is he obliged to issue US tax documents? Is it even possible for a foreign company to issue US tax documents? It’s possible. We own stock out of Canada and get 1099-DIVs for foreign tax paid. Honestly it’s not a huge amount but just enough to be a PITA at tax time. All taxes are a PITA. |
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Post by nickys on Mar 18, 2023 19:16:23 GMT -5
Since David’s is based in Canada is he obliged to issue US tax documents? Is it even possible for a foreign company to issue US tax documents? As for PayPal, I’ve used friends and family to receive money for rentals, since Venmo doesn’t operate here. That isn’t a scam, PayPal doesn’t have rules in place as to what you can receive money for using the friends and family option. They just won’t get involved in any disputes if you use that option. But David’s did offer the option of a personal check when we used them to rent out our points. I chose PayPal because I didn’t have a CAD$ bank account. I don’t know what year that was, but I personally inquired about his rental process ( renting my points out) and he does not pay via personal check or direct deposit. That was a month ago. It is absolutely prohibited to rent out a timeshare through PayPal as a business venture. Again I know someone personally who was caught, they made them refund the purchaser and closed their account. Friends and Family skirts the tax issue. Plain and simple. Some people like the fact that he doesn’t issue a 1099 form ( whether he can or can not do this I don’t have a clue), but only using PayPal as a form of payment to the owner, nope not gonna do that. That was 2018 to 2020. Since Covid I’ve just rented out privately, hopefully I won’t have to rent them out again for a while. I just checked DVC Rental Store and found that they also only offer PayPal for international owners. |
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Post by jawfish on Mar 18, 2023 21:10:40 GMT -5
We’ve had great success with DVC Resale Market when we need to rent our points out. We plan in advance so usually list at 11 months out so they seem to go quick, usually within 2-3 weeks since we have PVB points. They pay some up front and remainder after the guests stay. Easy to use.
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Post by ermindy1133 on Mar 18, 2023 21:29:23 GMT -5
I recently rented a reservation for my birthday weekend through DVC Resale Market. Didn’t have much trust in David’s, and there isn’t an RTB. So that seemed like the easiest avenue. I’ll report back after the trip to review the rental process from the client side, if anyone is interested. I am interested!! Please do tell!  Having a blonde moment. I used the DVC Rental Store. 🙄 Long week. So sorry for the misinformation. |
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Post by SuzanneSLO on Mar 19, 2023 8:06:45 GMT -5
Until COVID, I rarely had extra points to rent. I used the RTB to receive point transfers. But for 3 years in a row now, I have had extra points. The first year I used RTB and the process was easy. I used a Facebook group last year and am using it this year as well. Last year was easier as my perception was that there were more renters than owners posting. This year it appears the opposite is true.
While my strategy has been the same both years (I book available nights between 1 to 3 months in advance and offer them as confirmed reservations), timing matters. Last year, within a week, I had all my points rented and payment received. This year, a week went by with not much interest. Then yesterday, I rented 4 reservations!
All that is background to my thoughts, the most significant of which is that a robust rental market adds value to owning DVC. Disney, of course, will never step in as a facilitator because it creates competition with its own product. I always felt like the RTB was run as a favor to friends. I think the Facebook groups and the message boards are intended to primarily help the moderators. It makes me think that the Free model may not be sustainable forever.
I think using PayPal for payment will ultimately have negative effects on the DVC rental market. This market is based on trust and asking for payment by PayPal “friends and family” starts off the relationship by asking both sides to lie. Sorry, I don’t have any better options for international owners.
Finally, as to US taxes, taxes are due on taxable income even if no 1099 is issued. Enough said.
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Post by ermindy1133 on Mar 19, 2023 8:46:43 GMT -5
Until COVID, I rarely had extra points to rent. I used the RTB to receive point transfers. But for 3 years in a row now, I have had extra points. The first year I used RTB and the process was easy. I used a Facebook group last year and am using it this year as well. Last year was easier as my perception was that there were more renters than owners posting. This year it appears the opposite is true. While my strategy has been the same both years (I book available nights between 1 to 3 months in advance and offer them as confirmed reservations), timing matters. Last year, within a week, I had all my points rented and payment received. This year, a week went by with not much interest. Then yesterday, I rented 4 reservations! All that is background to my thoughts, the most significant of which is that a robust rental market adds value to owning DVC. Disney, of course, will never step in as a facilitator because it creates competition with its own product. I always felt like the RTB was run as a favor to friends. I think the Facebook groups and the message boards are intended to primarily help the moderators. It makes me think that the Free model may not be sustainable forever. I think using PayPal for payment will ultimately have negative effects on the DVC rental market. This market is based on trust and asking for payment by PayPal “friends and family” starts off the relationship by asking both sides to lie. Sorry, I don’t have any better options for international owners. Finally, as to US taxes, taxes are due on taxable income even if no 1099 is issued. Enough said. I’ve read several posts discussing FB for renting points. And I know that it works great for many people. Not everyone participates in FB, though. So it’s nice to have other options. |
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Post by helenabear on Mar 19, 2023 9:14:02 GMT -5
Until COVID, I rarely had extra points to rent. I used the RTB to receive point transfers. But for 3 years in a row now, I have had extra points. The first year I used RTB and the process was easy. I used a Facebook group last year and am using it this year as well. Last year was easier as my perception was that there were more renters than owners posting. This year it appears the opposite is true. While my strategy has been the same both years (I book available nights between 1 to 3 months in advance and offer them as confirmed reservations), timing matters. Last year, within a week, I had all my points rented and payment received. This year, a week went by with not much interest. Then yesterday, I rented 4 reservations! All that is background to my thoughts, the most significant of which is that a robust rental market adds value to owning DVC. Disney, of course, will never step in as a facilitator because it creates competition with its own product. I always felt like the RTB was run as a favor to friends. I think the Facebook groups and the message boards are intended to primarily help the moderators. It makes me think that the Free model may not be sustainable forever. I think using PayPal for payment will ultimately have negative effects on the DVC rental market. This market is based on trust and asking for payment by PayPal “friends and family” starts off the relationship by asking both sides to lie. Sorry, I don’t have any better options for international owners. Finally, as to US taxes, taxes are due on taxable income even if no 1099 is issued. Enough said. I’ve read several posts discussing FB for renting points. And I know that it works great for many people. Not everyone participates in FB, though. So it’s nice to have other options. I help run a really large DVC FB group (like 25k+ members) and FB can be harder too because there are far more scammers out there. I have not rented to anyone in probably 14 years outside of my family but I'm not entirely sure I'd feel comfortable renting from a stranger on FB. Granted when I rent to family it all varies. My dad insists on paying going rates if not just taking a spare bed though this last time I just had him pay for thr OTUP and called it a day on the others I gave him. He bougnt us lunch. It was fair to me lol. It's good to have options honestly. |
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Post by brp on Mar 19, 2023 9:19:22 GMT -5
Until COVID, I rarely had extra points to rent. I used the RTB to receive point transfers. But for 3 years in a row now, I have had extra points. The first year I used RTB and the process was easy. I used a Facebook group last year and am using it this year as well. Last year was easier as my perception was that there were more renters than owners posting. This year it appears the opposite is true. While my strategy has been the same both years (I book available nights between 1 to 3 months in advance and offer them as confirmed reservations), timing matters. Last year, within a week, I had all my points rented and payment received. This year, a week went by with not much interest. Then yesterday, I rented 4 reservations! All that is background to my thoughts, the most significant of which is that a robust rental market adds value to owning DVC. Disney, of course, will never step in as a facilitator because it creates competition with its own product. I always felt like the RTB was run as a favor to friends. I think the Facebook groups and the message boards are intended to primarily help the moderators. It makes me think that the Free model may not be sustainable forever. I think using PayPal for payment will ultimately have negative effects on the DVC rental market. This market is based on trust and asking for payment by PayPal “friends and family” starts off the relationship by asking both sides to lie. Sorry, I don’t have any better options for international owners. Finally, as to US taxes, taxes are due on taxable income even if no 1099 is issued. Enough said. I’ve read several posts discussing FB for renting points. And I know that it works great for many people. Not everyone participates in FB, though. So it’s nice to have other options. Yup. I don't, and never will, have a FaceBook account. so, even though we are unlikely to rent points, it is good to know that there are other options.
Cheers.
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Post by Adelard of Bath on Mar 19, 2023 13:42:59 GMT -5
Welllllllllllll
I just happen to have the 1040 instructions open right here in my browser, hmm
Foreign-Source Income
You must report unearned income, such
as interest, dividends, and pensions,
from sources outside the United States
unless exempt by law or a tax treaty.
You must also report earned income,
such as wages and tips, from sources
outside the United States.
And I can't find it right now, but I know there is a place to report income where you weren't issued a form in the mail. They want it whether that company sent you a 1099 or not.
Also here is a line L on Schedule 1 which I found interesting:
l Income from the rental of personal property if you engaged in the rental
for profit but were not in the business of renting such property .
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Post by BWV Dreamin on Mar 20, 2023 8:00:11 GMT -5
I have rented several times ( this year as well) fromFB groups and from Pete’s rental board ( I am grandfathered in). As far as FB goes, it takes a little time to “vet” who is serious and who is not. It seems that this year the rental market is a little more robust. I do see a pricing disparity between FB and Pete’s Rental Thread. I feel much more comfortable renting out than renting from. When our site gets up and running, I think I feel much more comfortable.
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Post by applegrcoug on Mar 20, 2023 12:12:39 GMT -5
I am just grumpy with the whole FB system...
Months ago I reserved two identical confirmed reservations at BLT (had to use priority because it is BLT, ya know) for a darn desirable summer holiday especially when it comes to firework celebrations. It seems the FB users can only think about three weeks in advance, let alone three months. So, I just sat on them for several months before I even listen them, but yet, nothing. And with the number of users, everything just gets lost in the weeds.
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Post by ermindy1133 on Mar 20, 2023 12:58:11 GMT -5
I have rented several times ( this year as well) fromFB groups and from Pete’s rental board ( I am grandfathered in). As far as FB goes, it takes a little time to “vet” who is serious and who is not. It seems that this year the rental market is a little more robust. I do see a pricing disparity between FB and Pete’s Rental Thread. I feel much more comfortable renting out than renting from. When our site gets up and running, I think I feel much more comfortable. When I still had an active AP, I would often browse the ads on the old RTB and think, hmm... I could do that! Just a few days. No one would miss me... |
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