Page 3 of 3 FirstFirst 123
Results 21 to 25 of 25

Thread: Airplane raffle / sweepstakes

  1. #21

    Join Date
    Aug 2016
    Location
    Chicago
    Posts
    711
    I used to enjoy participating in the EAA airplane raffles each year - the cost was low, the odds were mighty long, but I felt it let me - a lower income mope - be a part of the greater whole of the aviation community. A 'member' of the club, so to speak. Now with a $100 cover charge to enter the club? Not so much. It sends a rather negative exclusionary message to me, actual financial end results be damned. It is not uncommon for 'Grand Prize' winners of things to end up needing to quickly sell off the wonderful thing to pay the enormous tax liability of the unbudgeted prize.

    I've always been a fan of grand prizes that offered a cash alternative to the winner, eliminating the worries.
    Last edited by CHICAGORANDY; 03-02-2020 at 04:51 PM.
    "Don't believe everything you see or read on the internet" - Abraham Lincoln

  2. #22

    Join Date
    Aug 2011
    Location
    Oklahoma City, OK
    Posts
    344
    Quote Originally Posted by chicagorandy View Post
    i used to enjoy participating in the eaa airplane raffles each year - the cost was low, the odds were mighty long, but i felt it let me - a lower income mope - be a part of greater whole of the aviation community. A 'member' of the club, so to speak. Now with a $100 cover charge to enter the club? Not so much. It sends a rather negative exclusionary message to me, actual financial end results be damned. It is not uncommon for 'grand prize' winners of things to end up needing to quickly sell off the wonderful thing to pay the enormous tax liability of the unbudgeted prize.

    I've always been a fan of grand prizes that offered a cash alternative to the winner, eliminating the worries.


    ditto

  3. #23

    Join Date
    Nov 2012
    Location
    Omro, WI
    Posts
    162
    Quote Originally Posted by CHICAGORANDY View Post
    I used to enjoy participating in the EAA airplane raffles each year - the cost was low, the odds were mighty long, but I felt it let me - a lower income mope - be a part of the greater whole of the aviation community. A 'member' of the club, so to speak. Now with a $100 cover charge to enter the club? Not so much. It sends a rather negative exclusionary message to me, actual financial end results be damned. It is not uncommon for 'Grand Prize' winners of things to end up needing to quickly sell off the wonderful thing to pay the enormous tax liability of the unbudgeted prize.

    I've always been a fan of grand prizes that offered a cash alternative to the winner, eliminating the worries.
    Previously it was a Sweepstakes, did not cost anything to enter. If you did make any sort of payment, it was purely a donation. With a raffle, I believe it is no longer considered a donation to enter, so may or may not be tax deductible. I've heard that ticket sales are not going all that well, so it may be short lived.

  4. #24
    FlyingRon's Avatar
    Join Date
    Aug 2011
    Location
    NC26 (Catawba, NC)
    Posts
    2,357
    Quote Originally Posted by krw920 View Post
    Previously it was a Sweepstakes, did not cost anything to enter. If you did make any sort of payment, it was purely a donation. With a raffle, I believe it is no longer considered a donation to enter, so may or may not be tax deductible. I've heard that ticket sales are not going all that well, so it may be short lived.
    If you are required to pay something for the chance to win, it is a lottery and is ABSOLUTELY NOT tax deductible. The IRS guidance is crystal clear on this. Charity raffles/lotteries, no matter how remote the odds versus how much the tickets cost, are NOT deductible as contributions.

  5. #25

    Join Date
    Jul 2011
    Posts
    2,560
    There is a wonderful event in Denver, Morgan Adams, that raises money for children with cancer. They get bout 300 well to do people, have donated food and lots of wine and drinks and champagne, and when everyone is well lubricated they start the auction at $100k. No takers but when it gets down to $25,000 people start to bid, and if one well heeled guy bids, often his friend will match it. By the time it gets to $1k lots of bidders are in. It is amazing that in an hour they can raise $300,000 and everyone have a good time doing it. They have raised millions over the years.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •