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Message
re: Morstead Raffling Super Bowl Tickets
Posted on 7/24/12 at 1:56 am to uptowntiger84
Posted on 7/24/12 at 1:56 am to uptowntiger84
quote:
Winner will be awarded a cash prize in the amount of $964.25 to mitigate the Winner's tax liability that results from winning the raffle. This prize is withheld and paid, on behalf of the Winner, directly to the IRS ($812.00) and the Commonwealth of Massachusetts ($152.25). The actual amount awarded may be adjusted proportionally based on the value of the actual prizes received.
I was actually wondering the other day whether raffles for expensive items offset the taxes with withheld cash.
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