CL SF: 928 to be raffled off.
01-27-2010, 02:21 PM
#16
Administrator - "Tyson"
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Just make sure he has all of his ducks in a row, I'm sure the fine for holding an illegal raffle is more than he will bring in:
http://www.gambling-law-us.com/Chari...ia/raffles.htm
(c) For purposes of this section, "eligible organization " means a private, nonprofit organization that has been qualified to conduct business in California for at least one year prior to conducting a raffle and is exempt from taxation pursuant to Sections 23701a, 23701b, 23701d, 23701e, 23701f, 23701g, 23701k, 23701l, 23701t, or 23701w of the Revenue and Taxation Code.
01-27-2010, 02:26 PM
#17
Drifting
Thread Starter
Just make sure he has all of his ducks in a row, I'm sure the fine for holding an illegal raffle is more than he will bring in:
http://www.gambling-law-us.com/Chari...ia/raffles.htm
http://www.gambling-law-us.com/Chari...ia/raffles.htm
01-27-2010, 02:36 PM
#18
Not the sharpest tool in the shed
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I've been email contact with the guy. He has decided to keep the car for himself and not raffle it off. 
I then told him about the Norcal group and Rennlist. He was pleased to hear about the club and forum. I suspect we will see him as a new member soon.
Told me he's already been hassled by a couple from the 911 about owning a 928
Sounds like a good guy who likes Porsches and racing sailboats. Nothing wrong with that combination.
Hi Dan
Thanks for the mail. I decided to donate my money out of pocket and keep the car. It runs so good and soild, No leaks, squeaks, drips, ect. Its not perfect put it original enough for me .
Im taking down the ad. Have a great day.
Steve
Thanks for the mail. I decided to donate my money out of pocket and keep the car. It runs so good and soild, No leaks, squeaks, drips, ect. Its not perfect put it original enough for me .
Im taking down the ad. Have a great day.
Steve
I then told him about the Norcal group and Rennlist. He was pleased to hear about the club and forum. I suspect we will see him as a new member soon.
Told me he's already been hassled by a couple from the 911 about owning a 928
Sounds like a good guy who likes Porsches and racing sailboats. Nothing wrong with that combination.
01-27-2010, 02:47 PM
#19
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An no raffle ticket purchases are NEVER deductable......no matter that it benefits a 501c3 chartity or not the potential to win (which is why people buy them) eliminates the "donation" . Try deducting your Bingo buyins 
And also note that should you "win" that is taxable income ! You get 1099 for the full market value.......that just kills the game show winners. They win a $10,000 hottub get a 1099 and then when they try to sell it only get $5,000 but owe taxes on the $10,000 value.
And also note that should you "win" that is taxable income ! You get 1099 for the full market value.......that just kills the game show winners. They win a $10,000 hottub get a 1099 and then when they try to sell it only get $5,000 but owe taxes on the $10,000 value.
01-27-2010, 07:20 PM
#20
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An no raffle ticket purchases are NEVER deductable......no matter that it benefits a 501c3 chartity or not the potential to win (which is why people buy them) eliminates the "donation" . Try deducting your Bingo buyins And also note that should you "win" that is taxable income ! You get 1099 for the full market value.......that just kills the game show winners. They win a $10,000 hottub get a 1099 and then when they try to sell it only get $5,000 but owe taxes on the $10,000 value.
And also note that should you "win" that is taxable income ! You get 1099 for the full market value.......that just kills the game show winners. They win a $10,000 hottub get a 1099 and then when they try to sell it only get $5,000 but owe taxes on the $10,000 value.Gambling losses are deductible. The only caveat is they are only deductible up to the amount of gambling winnings.
01-27-2010, 07:47 PM
#21
Cottage Industry Sponsor
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What if it takes years to win? Can you spread it over a few years?