Great idea - and nice flyer.. Too bad Uncle sam has to F__k it up with taxes
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Originally Posted by TimAustinW
This is what it says in regards to taxes...
"*The IRS now requires raffle winners to pay federal taxes on raffle winnings at the time of the award. The Asheville Symphony will pay to the IRS for the winner’s benefit an amount equal to 38.88% of our cost of the vehicle. The tax must be paid not only on the fair market value of the winnings, but also on the tax itself, therefore a grossed up tax rate of 38.88% of the winnings. This may or may not be the actual amount you will owe on your federal taxes. Please consult your tax advisor concerning your specific situation."
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