Bhfs300
AH fanatic
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- Oct 25, 2013
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Didn’t read the whole thing but this looks favorable:
Generally, an exempt organization must report raffle prizes if (a) the amount paid reduced, at the exempt organization’s option, by the wager (the amount a person paid for the chance to win a prize), is $600 or more; and (b) the payout is at least 300 times the amount of the wager. The organization uses Form W-2G for this report
(A). The amount of the ticket is less than $600
(B). As long as the prize is listed at less than 300 times $250 = $75,000
Things are good?
Generally, an exempt organization must report raffle prizes if (a) the amount paid reduced, at the exempt organization’s option, by the wager (the amount a person paid for the chance to win a prize), is $600 or more; and (b) the payout is at least 300 times the amount of the wager. The organization uses Form W-2G for this report
(A). The amount of the ticket is less than $600
(B). As long as the prize is listed at less than 300 times $250 = $75,000
Things are good?