Who all here has won a Sheep raffle?

Based on your tax bracket.


Any idea how this applies to statewide raffles? What value is placed on the tag? Is it compared with what a tag of that magnitude is auctioned off at (which seems like it could be quite variable)? Not that I'll ever win, but it would suck to win then find out that you have to pay many thousands of dollars because it's based on something really high.
 
Any idea how this applies to statewide raffles? What value is placed on the tag? Is it compared with what a tag of that magnitude is auctioned off at (which seems like it could be quite variable)? Not that I'll ever win, but it would suck to win then find out that you have to pay many thousands of dollars because it's based on something really high.
If it's an outfitted hunt, it's valued at what the outfitter is currently selling the same hunt for.
 
If it's an outfitted hunt, it's valued at what the outfitter is currently selling the same hunt for.
I would argue the value reported should be no greater than the deal the non profit was likely offered and paid, as they are not paying full retail.
 
Based on your tax bracket.

I've never looked at this, but was curious. I thought you may know, as I seem to remember you won a hunt?

According to the IRS it looks like you pay 25% of the value unless the org covers tax as part of the prize. Winning a $100k stone sheep hunt isn't going to be a cheap hunt. I guess you'd have to define what the fair market value of the hunt really is.

 
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