I’ve rented from a private owner and she’s basically said the same thing. Disney isn’t giving her the points back. Sad, and we’re out a lot because of it, but I’m not surprised.
It’s not easy for anyone. I have a reservation starting tomorrow.
If I hear tonight that the renter wants to cancel, I can get my points back but they will expire at the end of November. Legally they cannot be extended beyond that.
If I can re-rent my points, be it the renter re-scheduling or someone else, then no one is out of pocket.
If I can’t re-rent them, or if I don’t hear in time to cancel before check-in day, then I lose those points.
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A lot of the posts on MO were from before the DVC position was made clear.
I think what a lot of them were saying was that they would be out of pocket if they refunded the renter. Some of them have now reported getting points back so hopefully they can refund their renter.
But this is what’s hard. A lot of people will lose their points, even if technically DVC returns them.
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I have 220-odd points tied up in my April trip. Most are from current use year, about 70 are from next year (borrowed)
If I cancel. They all get dumped into this use year, right?
But then couldn’t I bank forward the 150 from this year? I would still lose 70 that we’re borrowed (unless I use them in a short trip) but otherwise by banking forward I would protect the points.
Am I right???
I am wondering if this whole thing will decrease the value of points.
Right now renting DVC points is cheaper (~30%) then going through Disney exactly because it is riskier. But if the risk assessment changes and people start thinking it is even less safe (it might actually be, as seen now) they might need an even deeper discount to use rentals.
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Yes. And I think they are also returning borrowed points too, if the trip falls within the period the parks are closed.
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If they stay closed through your week people in MouseOwners are reporting borrowed were automatically returned to original year. What is your UY?
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December. I’m good time-wise, both for later travel in the year and time to bank forward should we end up needing to delay that far.
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He may not be going on a cruise right now anymore, b/c a whole lot of cruise lines stopped their services just now. Try again, you might get a better response.
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You are right. My point is that for the benefit of this arrangement long term, I think a solution which addresses both parties needs is in everyone’s best interest. Thankfully that also appears to the approach most people are now taking as the reality of this unexpected problem is becoming better known.
DVC is as mind-boggling to me as DDP. It’s like you need to be an attorney and a CPA before you can begin to make heads or tails of either one.
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So at about 2:30pm my time, 9:30am Canadian time, I got an email asking me if I was willing to cancel the reservation starting today and refund the money &/or rebook for the renter.
After around 75 minutes, I finally got through (couldn’t do it online b/c check-in was today). Points put back into this use year, expiring in November 2020. Didn’t even ask why I’d left it till today.
Now waiting to hear back from David’s to see if they want to rebook or a refund.
Obviously I’d prefer to rebook, as otherwise we’e going to have to find $1200 - which was used for last year’s trip. And I suspect it’ll be hard to re-rent them in time. But it is what it is, an unprecedented situation.
I do wonder what impact this will have, from both sides. Those wanting to rent a reservation and owners too. After all, one reason to go through a broker is to minimise the stress.
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I suspect it would be easier than you think. A lot of people are talking about rescheduling to October. Availability is dwindling fast though.
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Yes, that’s why I think it’ll be hard.
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You should not have reported those amounts on your 2019 tax return.
- The 1099 you received from DVC rental should have only reflected the amount that they constructively paid you, not what they withheld until check-in date. 1099’s are reported on the cash basis. If the 1099 is for the full rental fee, they should issue you an amended 1099.
- The amounts you did receive at signing are a deposit. The full amount of the rental would be considered income once all the terms and conditions of the agreement have been met, ie in June. This is one instance in the tax law where a cash basis taxpayer (all individuals) reports income when earned, not when received.
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I wondered about that since they payment extends over two years, but I did receive money in 2019?
All of it? Even so, it’s a deposit. You haven’t met the obligations of the rental agreement. And don’t forget that you can take a pro-rata share of the annual dues and loan interest (if any) against the income as an expense.
Thanks, no loans. I haven’t submitted yet but I will look at it again.
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happy to help. make sure also that it’s reported on Schedule E, not as “other income” on Schedule 1 of the 1040. DM me if you have any specific questions.
I do have it on schedule E! Thanks!
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