We were just informed that we won a Church 50/50 raffle ($7000). Since I do our taxes each year I want to know how we declare this. If I choose to give half back to the church would I declare the $7000 and then take a $3500 charitable deduction on Schedule A? If anyone has any better way to maximize this winning for both my family and our church (as far as the IRS taxation is concerned) could you let me know? P.S. I know this may sound cheap, but I spent $30.00 on the raffle tickets, am I able to declare that as an offset to the winnings? If so, where would I do that. Thanks so much Rosie
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst