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Submitted 193 days ago...

Mangle783

Mangle783

New User (3)

Raffle of truck

I have a truck that I am wanting to get rid of, asking $5,500. Is it legal to sell 55 raffle $100 tickets and draw a winner for the truck?

Thank you

 
 
 
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Answer 1 / 3

Submitted 193 days ago...

kbky11

kbky11

Brain (3,959)

As long as you pay the taxes off the money gained ,and the owner also does the same , peeople do the same thing with houses , so raff away , no law against it, unless your state has a diff law then most,

 

Answer 2 / 3

Submitted 192 days ago...

Mangle783

Mangle783

New User (3)

I do not understand why I would need to pay taxes on the money gained if I use the money to purchase another car? Please clarify. Thank you for your help

 

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Answer 3 / 3

Submitted 192 days ago...

kbky11

kbky11

Brain (3,959)

Well this is a way to sale , and sales, pay taxes, any time you sale something for money you are repondsbly to the gov, to pay taxes, thats just the law, you have to sign over the car or truck , and there will be taxes to pay , when you sign it over, its up to you if you want to pay the sales tax and mention it on you taxes next year as income,

 

This Question was awarded 192 days ago therefore you can no longer post an Answer. However you may post a comment below.

 
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Submitted 192 days ago...

Mangle783

Mangle783

New User (3)

I appreciate you taking your time to answer my question. Thank you ver much.

 
 

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kbky11

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Brain (3,959)

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