QUESTIONS RELATED TO FORMS W-9 AND 1099S

 

If you are a resort owner and a U.S. resident , you should have received a 1099-S form as a result of your participation in the deed exchange and resort relocation to the Desert Club.

 

In conjunction with the deed and resort exchange, an additional $45,000,000.00 was received in the transaction to completely renovate the entire Desert Club facility and bring all furniture, fixtures and equipment up to superior timeshare standards. Those funds, divided by the number of timeshare interests , is how your gross proceeds, which were invested into the property, are derived.

 

There is no settlement statement as there is no cash consideration, no costs charged to you and no proceeds issued to you. However each interest in the exchange has received a ratable interest in the $45,000,000.00 as shown on the 1099-S form you received. While we cannot offer personal tax advice, we encourage our owners to talk to their tax advisor. You also might be receiving your 1099-S form prior to receiving your deed as the closing took place on April 29, 2008 and there has been some delay in process of the recording and issuance of all deeds.

 

If you have additional questions, please contact Customer Care at (877) 642-5060 or e-mail us at lasvegasowners@summerbayresort.com .