Last edited by lunchbox; January 24th, 2013 at 01:49 AM.
If I were to win the ring, you know who's name is going on it !
I already told the wife, that as of that day, my wedding ring is going in a drawer some place. I love her and all, but I cannot replace the Kings.
Anyone surprised that the apparent value of this prize package is over $60K? This guess is based on the amount of taxes that are being covered for the winner of the raffle ($6,483.75).
Not quite $60k. The site is saying $19.5k:
While this experience of a lifetime is priceless, the fair market value of the tangible prizes (e.g., as applicable in any given raffle, hotel, travel, meals, tickets, taxes, etc.) is $19,500.00.
Now that I think about it, the $6,483.75 is being paid to the IRS, which means it's serving to offset income tax, not sales tax, and therefore is a calculation of higher than 10% (closer to 33%).
Apologies if my math is off. I'm horrible at math.
More tax write offs
Raffle tickets are not write offs. FYI:
(Please Note that the IRS does not allow you to deduct the purchase of raffle tickets as a tax deductible donation)
I'm going to spend my entire Christmas bonus on this when I get it. Oh wait, there's a minimum of 5 tickets? I'll have to supplement it with my 401K.