Full Version: Equipment Raffle

From: UncleSteve [#41]
 20 Mar 2007
To: Stunt Engraver (DGL) [#40] 21 Mar 2007

David,

Here is a similar situation that was on the CBS news this morning:

http://www.winmyhouse.net/

It was done as a contest.........

From: sprinter [#42]
 20 Mar 2007
To: ALL

This is just part of the Federal Law on Taxes for Raffle Prizes

Federal Income Tax Withholding: Raffle Prizes

Individual raffle prizes have the potential to be $600 or greater. It is imperative that organizations holding raffles be aware of the federal income tax withholding requirements. The following was reviewed by the IRS on November 23, 2004.

If the prize amount is more than $5,000, the organization must obtain proper identification from the winner (as described above) and withhold 25% of the prize. If the organization is unable to obtain proper identification, they must withhold the higher "backup withholding.

Most states also have similiar taxes on Raffle Prizes. (when I won the car in a raffle, California tax rate was 33%)

Contest winners are subject to similiar taxes.

They all have their hand out to get their share.

EDITED: 20 Mar 2007 by SPRINTER

From: Cap'n Ron (RONSTROWGER) [#43]
 31 Mar 2007
To: sprinter [#42] 31 Mar 2007

It is turning into the give-me-more of my share with the government. Because I am not a non-profit business, raffle across state lines is taboo. Permits would have to be obtained in every state. It seems that there are too many that do not allow these activities. Then there is this taxes thing. I have already paid the taxes on this stuff. Sure seems I should be able to do what ever I want with it! Anyhow, I seem to be running out of options. Seemed fun at the get go.

From: Stunt Engraver (DGL) [#44]
 1 Apr 2007
To: Cap'n Ron (RONSTROWGER) [#43] 2 Apr 2007

Ron,

Being that the raffle looks impossible, how will you promote the sale of your equipment?

ebay?

From: Cap'n Ron (RONSTROWGER) [#45]
 2 Apr 2007
To: Stunt Engraver (DGL) [#44] 2 Apr 2007

David,
That seems to be the next best thing. I am working with a friend who ebays alot to get the best advice to show the stuff. This will probably be the best low cost avenue. What would you look for when bidding on something like this on ebay?

From: Stunt Engraver (DGL) [#46]
 2 Apr 2007
To: Cap'n Ron (RONSTROWGER) [#45] 2 Apr 2007

quote:
What would you look for when bidding on something like this on ebay?


I've never listed anything or bid on ebay. Plenty of people here have and I'm sure they can offer some prudent advice.

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