993 Raffle
06-26-2013, 03:06 PM
#17
Drifting
the car would be earnings that you would pay income tax on. So it would cost 10k or so unless they gross it up for taxes.
06-26-2013, 04:21 PM
#18
Intermediate
Actually looks like raffle tickets are not tax deductible (at least depending on how closely the IRS looks at your tax return / amount of other charitable contributions to Tea Party organizations):
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The Internal Revenue Service, in its Publication 526 Charitable Contributions, states that taxpayers cannot take a charitable deduction for money paid to purchase raffle tickets from nonprofit organizations. The IRS includes raffle tickets in its list of "contributions you cannot deduct."
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The Internal Revenue Service, in its Publication 526 Charitable Contributions, states that taxpayers cannot take a charitable deduction for money paid to purchase raffle tickets from nonprofit organizations. The IRS includes raffle tickets in its list of "contributions you cannot deduct."
06-26-2013, 04:36 PM
#19
Actually looks like raffle tickets are not tax deductible (at least depending on how closely the IRS looks at your tax return / amount of other charitable contributions to Tea Party organizations):
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The Internal Revenue Service, in its Publication 526 Charitable Contributions, states that taxpayers cannot take a charitable deduction for money paid to purchase raffle tickets from nonprofit organizations. The IRS includes raffle tickets in its list of "contributions you cannot deduct."
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The Internal Revenue Service, in its Publication 526 Charitable Contributions, states that taxpayers cannot take a charitable deduction for money paid to purchase raffle tickets from nonprofit organizations. The IRS includes raffle tickets in its list of "contributions you cannot deduct."
But I would not include that it was for raffle ticket, and simply call it a $50 donation. After all, its easier to ask for forgiveness, than permission; right?
If the IRS querried me about it, which they probably wouldn't; I'd simply state; "you ever won one of these things?" I went into it as a donation.
06-26-2013, 06:22 PM
#20
Rennlist Member
In for a ticket..delivery date, and drawing date is my birthday.
So I got that going for me... Great fund raising idea, and very generous of the "missus"
So I got that going for me... Great fund raising idea, and very generous of the "missus"
06-26-2013, 09:42 PM
#23
Track Day
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Just to follow up, I bought my ticket two days ago in the evening. Today in the mail, I received the ticket. So the ticket was in the mail the next day. Great transaction!
06-26-2013, 10:37 PM
#24
Rennlist Member
What do they do with these deals if they don't sell 1000 tickets. Does the car still get raffled?
06-26-2013, 11:09 PM
#25
Track Day
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The question of what happens if all tickets are not sold is not answered by reading the link nor by inspection of the ticket, which reproduces the link boilerplate. What is the term? What we say is that the contract is silent on this point. I think that the car goes to the first person out of the hat that accepts it. But what do I know. Below, please find the email address of Les Adams, who is the point person for the internet side of the raffle.
lda.pssi@gmail.com
lda.pssi@gmail.com
06-27-2013, 06:39 AM
#29
Seared
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