house raffle expenses

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Winning a house raffle can be an unwelcome surprise if you haven’t considered the federal and state taxes, closing costs, and state and local property taxes that come with…

To Profit, or Not to Profit…
I saw a snarky comment today on another house raffle blog. The author was concerned about the per ticket “processing fee” some house raffle hosts keep when the raffle is canceled. In the house raffle rules I’ve read, 1% is kept by the host and the remaining 99% is returned [...]

Do House Raffle Winners Pay Taxes on Their Win?
If you’ve read house raffle blog posts on the Web then you have probably seen comments like this one from Annette W. on True Gotham:
Does the winner of the raffle have to pay taxes on the appraised value of the house that they won. For instance you [...]