Who all here has won a Sheep raffle?

[Bowhuntrben]

Based on your tax bracket.

Taxes on Prize Winnings and More!

When you come into surprise money, you have to pay taxes on prize money. Learn more with the tax experts at H&R Block.

www.hrblock.com

Any idea how this applies to statewide raffles? What value is placed on the tag? Is it compared with what a tag of that magnitude is auctioned off at (which seems like it could be quite variable)? Not that I'll ever win, but it would suck to win then find out that you have to pay many thousands of dollars because it's based on something really high.

 

[BigHornRam]

Any idea how this applies to statewide raffles? What value is placed on the tag? Is it compared with what a tag of that magnitude is auctioned off at (which seems like it could be quite variable)? Not that I'll ever win, but it would suck to win then find out that you have to pay many thousands of dollars because it's based on something really high.

If it's an outfitted hunt, it's valued at what the outfitter is currently selling the same hunt for.

 

[Deleted member 52098]

If it's an outfitted hunt, it's valued at what the outfitter is currently selling the same hunt for.

I would argue the value reported should be no greater than the deal the non profit was likely offered and paid, as they are not paying full retail.

 

[BigHornRam]

I would argue the value reported should be no greater than the deal the non profit was likely offered and paid, as they are not paying full retail.

Try it an see what the IRS says.

 

[Bambistew]

Based on your tax bracket.

Taxes on Prize Winnings and More!

When you come into surprise money, you have to pay taxes on prize money. Learn more with the tax experts at H&R Block.

www.hrblock.com

I've never looked at this, but was curious. I thought you may know, as I seem to remember you won a hunt?

According to the IRS it looks like you pay 25% of the value unless the org covers tax as part of the prize. Winning a $100k stone sheep hunt isn't going to be a cheap hunt. I guess you'd have to define what the fair market value of the hunt really is.

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

 

[winmag]

Non-guided statewide raffle tag = whatever the tag would have cost if you drew it, which is minimal and likely below reporting thresholds.

 

[BigHornRam]

Non-guided statewide raffle tag = whatever the tag would have cost if you drew it, which is minimal and likely below reporting thresholds.

My friend won the opportunity to buy a Utah Desert Sheep tag at the non resident price, since he was Montana resident. No tax liability on that.

 

[noharleyyet]

I won a Ramboulliet once at the Wyoming state fair.




But that sheep wasn't for hunting.

Ah...a semester at A&M, amirite.

 

[Ben Lamb]

Ah...a semester at A&M, amirite.

It didn't act like it had any college.

 

[BradA]

Dang this train dis railed