Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What are the tax and IRS rules regarding raffles?

April 26, 2017IRS Raffles rules tax

0

Posted

What are the tax and IRS rules regarding raffles?

1 Answer

0

Posted

TAXES AND IRS RULES: All winners shall be responsible for any and all federal, state and local income or excise taxes, fees, assesments and like charges associated with the prizes. All vehicle winners shall be responsible for any and all state or local license, title and registration fees associated with the vehicles. All cash prizes will be paid net of applicable income tax withholding.