california raffle

The valuation of the non-cash prizes is the primary determiner of the reporting requirements.
So you would need to make sure you use the UC San Foundation tax ID number of the solicitation/invitations.The winner pays the withholding tax via cash, check or credit card.Accordingly, before the enactment of SB 549, a maximum of 10 of the raffle gross proceeds could be utilized for non-charitable or exempt purpose expenditures.Edward, Playa Vista, CA - QFX.1 Channel Bluetooth Speaker System Furlow, Karen, Glendora, CA - Fitbit Flex 2 Fitness Wristband Black Futerer, Joel, Redondo Beach, CA - iHome Bluetooth Bedside Dual Alarm Clock w/ USB Charging Gad, Robert, Sherman Oaks, CA - Outdoor Tech.Download the report (PDF).Tax withholding requirements In addition to winnings reporting there is also tax withholding requirements.The IRS has 80 raffles place #16 20 1) filing requirements and 2) tax withholding requirements for raffle prizes.We pajama jeans coupons discount codes must comply, even if it is after the fact.You must state on the tickets that ticket price is not tax deductible.The first and oldest house raffle licensed in California, proceeds help fund Palos Verdes Art Centers exhibition, education, and outreach programs, making the visual arts available, accessible and affordable in Los Angeles County.This is very difficult texas solar rebates 2015 to achieve, obviously, unless all, or nearly all, of the prizes are donated, in addition to getting the ticket sales proceeds.Non Cash prizes There are two other methods for collecting withholding taxes from non-cash prizes (such as cars, luxury vacations, etc.) if the prizes over 5,000, net of the wager.She wins a cash prize of 6,000.If you would like any more information about conducting 50/50 raffles in California, please contact Brian Yacker.