Desert sheep hunt raffle

[Oak]

Hope the raffles were a great success for the Society.

They're not over. Dink said you would be good for a couple of desert sheep tickets.

 

[Dinkshooter]

Phantom doesn't like Mexican food, he'd have to pack his own Bologna sammiches.

 

[Phantom]

Phantom doesn't like Mexican food, he'd have to pack his own Bologna sammiches.

True...prefer smoked turkey these days. Weather would be much nicer than here at home that time of year. Plus it would be a good excuse for a new rifle!

 

[hunt1up]

Yep. You have to pay tax on the fair market value. Lots of requirements to the entity putting on the raffle as well.

http://www.bnncpa.com/industries/tax_exempt_organizations/blog/raffles_by_tax_exempt_organizations

http://www.irs.gov/pub/irs-tege/notice_1340.pdf

I didn't know that the winner would have to actually cut a check for 25% of the fair market value of the prize when they won. Seems like some adjustments to the price of the ticket could remove that requirement, but regardless it is taxable to the winner.

In reading those links, it appears you pay taxes if the prize value is worth at least 300 times the amount wagered. So if it's a $100 ticket, the prize value would be taxed if its over $30,000. Looks like that hunt is valued at $52,000 according to the outfitter. So I'd assume the winner is on the hook for $13,000 in taxes?

Plus tips, travel, etc?

 

[Oak]

And the winner of the Mexico desert sheep hunt with El Fuerte Outfitters is.....Sean Paxton from Arizona! Congratulations! A sincere "thank you" goes out to everyone who purchased raffle tickets. The money raised will go far to help us achieve our bighorn sheep conservation goals in Colorado. Thanks also to Randy for allowing us to promote the raffle here on Hunttalk.

 

[brymoore]

Boo.

Have fun Sean!

 

[Insane1]

Mtmuley:::

I think u meant 1/2 century... nobody's going to believe your 25.

 

[Schaaf]

Damn, had a good feeling about that