The IRS considers a raffle ticket to be a contribution from which you benefit. If you receive a benefit from making a donation, you can only deduct the amount of your donation that is greater than the value of the benefit you receive. The IRS explicitly prohibits deducting the cost of raffle tickets as a charitable contribution, presumably because it does not consider the cost of the ticket to be greater than its benefit.
If you lose the raffle, the cost of your ticket might be deductible as a gambling loss. A gambling loss deduction is allowed only if you itemize deductions and only if you have gambling winnings from that tax year. IRS tax laws about deductions for charitable contributions and gambling losses are complex. For this reason, it is often helpful to consult with a tax professional to determine how certain actions will affect your specific tax situation.
This portion of the site is for informational purposes only. The content is not legal advice. The statements and opinions are the expression of author, not LegalZoom, and have not been evaluated by LegalZoom for accuracy, completeness, or changes in the law. By Cindy DeRuyter, J. Financial or Economic Benefit Rule Internal Revenue Service IRS laws allow people who make charitable gifts to c 3 charitable organizations and select other nonprofit companies to deduct those gifts when itemizing deductions on income tax returns.
Possible Deduction for Donating a Raffle Prize If you have property that you donate to a charitable organization so they can turn around and award it to the winner of a raffle, you may be able to claim a tax deduction. Learn to Be a Better Investor. Forgot Password. Deducting charitable donations is a common method many taxpayers use to reduce their tax bills each year. However, not every payment you make to a charity will qualify for the deduction.
There are some you can't deduct and others that can only be partially deducted. You can't take a charity tax deduction for raffle tickets bought at charity events and fundraisers and you might actually have additional income to report if you win.
Tuition, or amounts you pay instead of tuition. You can't deduct as a charitable contribution amounts you pay as tuition even if you pay them for children to attend parochial schools or qualifying nonprofit daycare centers. Can i deduct the cost of raffle tickets purchased from non profit organizations I bought raffle tickets from a nonprofit for a chance to win a prize.
Is the cost of the raffle tickets deductible? Level Can i deduct the cost of raffle tickets purchased from non profit organizations Re-read the response that is right above the question you posted. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.
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