WIN a 37 AVH - Active Thunder
10-17-2008, 11:22 AM
#111
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Location: ~ Long Island ~ NY
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OK here are answers
The boat and traileris free and clear titles.
The LDA of New York State
Learning Disabilities Association .... it will be on their website in a few days.
LDA of New York
The boat is located and be picked up in St. James New York
We changed the odds before any tickets weere sold and updated with the state as 1 in 400.
The boat and traileris free and clear titles.
The LDA of New York State
Learning Disabilities Association .... it will be on their website in a few days.
LDA of New York
The boat is located and be picked up in St. James New York
We changed the odds before any tickets weere sold and updated with the state as 1 in 400.
Last edited by TSPM; 10-17-2008 at 11:35 AM.
10-17-2008, 11:59 AM
#112
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The winnings being taxable is a grey area. If properly set up it could be considered a gift (i.e. not taxable), but the general rule would be to treat it as gambling winnings.
Last edited by TexomaPowerboater; 10-20-2008 at 09:51 AM.
10-17-2008, 12:44 PM
#113
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10-17-2008, 01:47 PM
#115
Charter Member # 55
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There's a lot of possibilities. Maybe sell the less 37 less power & drives( & put them in the 32)or put um both up for sale and see which goes. The problem is I need another 6 feet of garage for the 37.
You could get alot more gasLast edited by Griff; 10-17-2008 at 01:51 PM.
10-17-2008, 08:19 PM
#116
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The amount paid for the ticket is not deductible as a charitable contribution. They are deductible to the extent of gambling winnings (i.e. its treated as a gambling activity).
The winnings being taxable is a grey area. If properly set up it could be considered a gift (i.e. not taxable), but the general rule would be to treat it as gambling winnings. On another note, if it is taxable - your basis is increased to the FMV or income claimed, so no gain when you decide to sell down the road. If its not taxable you basically have no basis and you'll pay the tax when you sell. They will get you either way.
The winnings being taxable is a grey area. If properly set up it could be considered a gift (i.e. not taxable), but the general rule would be to treat it as gambling winnings. On another note, if it is taxable - your basis is increased to the FMV or income claimed, so no gain when you decide to sell down the road. If its not taxable you basically have no basis and you'll pay the tax when you sell. They will get you either way.
Plan for the gambling rules to apply if you win.
10-18-2008, 10:23 AM
#117
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As we understand things........Gambling Rules do not apply because of the NON PROFIT structure of the prize and the organiztion behind it.......which is different than winning in Vegas.
10-19-2008, 11:06 AM
#118
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Our yearly house raffle is held by the Catholic High School, also non profit. But the winner still gets to pay income tax on the value of the house they win.
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