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Originally Posted by TexomaPowerboater
(Post 2718379)
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. Plan for the gambling rules to apply if you win. |
Originally Posted by Mentalpause
(Post 2718813)
I bet the winnings being taxable is not very grey to the IRS - and there are very clear IRS laws on gifts - and how much GIFT you can get in a given tax year.
Plan for the gambling rules to apply if you win. |
Originally Posted by TSPM
(Post 2719118)
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.
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Keep it coming I'll have my accountant figure out the tax thing. I'll be happy to win and pay the taxes.
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Can't anyone, put what it would cost you if you won this boat, State Taxes and all other expenses, before you could walk a way with it.?
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I think that will vary depending on your income level. I would imagine its like adding 100k in income and you would have to pay tax at the end of the year based on you tax bracket and deductions.
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Originally Posted by Mentalpause
(Post 2718813)
I bet the winnings being taxable is not very grey to the IRS - and there are very clear IRS laws on gifts - and how much GIFT you can get in a given tax year.
Plan for the gambling rules to apply if you win. |
Originally Posted by TSPM
(Post 2719118)
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.
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Originally Posted by TexomaPowerboater
(Post 2720387)
I disagree. I'm a tax accountant and I researched the topic. The laws and case rulings are very specific. Please post some facts to the contrary. I'm sure your contributors would just assume not take your word for it.
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Originally Posted by TexomaPowerboater
(Post 2720384)
There is no max on how much gift you can recieve. There is a gift tax on amounts given in excess of 12,000 (24,000 MFJ) which applies to donor individuals, not donees. Gift tax doesn't apply to non-profit organizations.
Now I wonder if that was right? |
Originally Posted by Mentalpause
(Post 2721047)
Our tax advisor told us the different. Plus others I know got the same information we got. We were advised that we are able to gift up to 10K (maybe 12K now) a year to each of the kids, but not beyond that per child. But we can gift more than 10K as long as we have more than 1 receiver.
Now I wonder if that was right? |
Originally Posted by TexomaPowerboater
(Post 2721340)
I think you misunderstood my post. Yes, gifts you give in excess of $12K or $24K(MFJ) per donee are taxable to the donor. The donee (recipient) is never taxed on a gift. These rules do not apply to non-profit organizations.
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Originally Posted by TexomaPowerboater
(Post 2721340)
I think you misunderstood my post. Yes, gifts you give in excess of $12K or $24K(MFJ) per donee are taxable to the donor. The donee (recipient) is never taxed on a gift. These rules do not apply to non-profit organizations.
Boy will the IRS be surprised, as well as the entire philanthropy profession and a whole lot of savvy donors. A gift to a legitimate 501 (C) 3 is a tax deductible gift, under most circumstances, and is NOT taxable as revenue as it leaves the donors hands. It was already taxed as income, and is now a charitable DEDUCTION to the donor. The charity does not pay income tax on charitable revenue. Btw...Nobody uses the term "donee." Your clients have an idiot for an accountant. What this site needs is a TEX deduction. ;) I can't believe that he posted that crap, and that anybody believed him. My God. |
hee hee
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Originally Posted by fund razor
(Post 2721991)
WTF??? A gift, given by a donor, in excess of $12,000 is TAXABLE to said donor??? Are you really that incompetent?
Boy will the IRS be surprised, as well as the entire philanthropy profession and a whole lot of savvy donors. A gift to a legitimate 501 (C) 3 is a tax deductible gift, under most circumstances, and is NOT taxable as revenue as it leaves the donors hands. It was already taxed as income, and is now a charitable DEDUCTION to the donor. The charity does not pay income tax on charitable revenue. Btw...Nobody uses the term "donee." Your clients have an idiot for an accountant. What this site needs is a TEX deduction. ;) I can't believe that he posted that crap, and that anybody believed him. My God. |
Originally Posted by TexomaPowerboater
(Post 2722408)
Hey Fudge Packer, nice to see you back. Thats about the kind of post I'd expect from you. If you look at my previous post you'll see that the post was directed towards a question that was asked about a gift to his kids. Not a charitable organization. I think your girlfriend Chris Sunkin would even back me up on this.:eek: Run along now.........
One day you will get it. But you are so far outside of the loop of what is going on in the world of serious offshore. ;) |
Sorry for the hijack Paul.
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Maybe one day Andy will get Serious :rolleyes:
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lmao!! Thanks oso outspoken
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Who is outspoken??
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Good luck with the raffle.
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Originally Posted by WMF
(Post 2722774)
Maybe one day Andy will get Serious :rolleyes:
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Bump! Thanksgiving is coming up. Are we on track?
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How many tickets have been sold?
Asked this before, but never rec an answer.
TIA |
Somehow I don't think they will even sell 100...if he would post the status, those of us considering might be apt to play...
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i emailed him to find out how many tickets were sold, he didn't say. if it is for real i would buy a ticket
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Hopefully it doesn't bite the folks that did buy a ticket. Seems like the economy has done a good job of that to all of us already.
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I sent a check a while back and it hasn't cleared yet so I know my money hasn't been spent yet. At least it's a lot less than the 5k I gave a local engine builder six months ago with nothing to show for it.
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Hi sorry for taking so long to get back to you all,I have been verry busy lately and i know paul has been also. any way over 100 tics have been sold and we are hopeing that over the next few weeks we get alot more response. This week we sent a huge amount of e-mails out to the learning disability commuty and have recivied quite a few checks . we will continue to get the word out as can you if you would like.
checks are sceduled to be deposited once 350+ tics are sold. |
Maybe i missed it in an earlier post, but who is our charity maybe we can help push ticket sales.
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Hows the raffle going?
ttt
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http://www.t-spm.com/amazingraffle.html
Looks like it`s still "raffling".... Or is this another boat? Anyone who can update us about this??? |
It's still the same boat,they moved the drawing date back a few times.
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Doubt the boat is still worth 100K in this economy......they ought to cut the tickets to 300 ($75,000) to get this thing done before summer.
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5) There will be a minimum of 400 tickets and a maximum of 410 Tickets SOLD. 8) If the Minimum tickets are not sold by April 1, 2009... all monies will be paid back to the ticket holders as refunds. |
Last I heard was in the 225 range and its been that way for a while.
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I thought of this yesterday when my state raffle license arrived in the mail for the raffle that I will be starting in October.
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Gonna auction off the Apache? How's the boat coming along?
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Originally Posted by TexomaPowerboater
(Post 2814785)
Gonna auction off the Apache? How's the boat coming along?
I am in the fundraising business and hold an annual raffle for the charity. My license for the 2009-2010 season arrived and I thought of this raffle. Boat was in storage for the worst of the winter. Will be coming back out soon. Will have brand new power for the summer. End hijack. |
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