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MommaG
Yay Spring!
Member since 5/05 5133 total posts
Name:
Gloria
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So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
Technically, you buy a reprint of a photo of the house and they give you a raffle ticket. Winner also gets the 2007 Mercedes in the garage. Here's my question though - the seller gives you a 1099 form because the value is considered income. How much would you have to pay in taxes? I probably couldn't afford to win.
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Posted 8/29/09 4:46 PM  |
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Long Island Weddings
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happytobreathe
The Lazy Days of Summer
Member since 10/06 1413 total posts
Name:
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Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
On News 12 the said the taxes were 15,500. But I think it must be more!
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| Posted 8/29/09 4:48 PM |
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MommaG
Yay Spring!
Member since 5/05 5133 total posts
Name:
Gloria
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Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
That's the real estate taxes - which isn't a problem if you're not paying a mortgage anyway. But I'm pretty sure the value of the house is considered income and you would owe the IRS taxes on $1.6 mil. I'm just wondering how much that would be.
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| Posted 8/29/09 4:51 PM |
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SoinLove
Making big changes
Member since 5/05 16541 total posts
Name:
Kristin
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Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
Do you have a link to this by any chance?
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| Posted 8/29/09 5:40 PM |
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Boky17
LIF Infant
Member since 7/08 134 total posts
Name:
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Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
I saw this on the news, does anyone know how you actually buy a ticket?
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| Posted 8/29/09 5:53 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
I think income tax would be around $500K. you could then sell the house for $1M and make $500K profit, but you have to do that all before April 15th!
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| Posted 8/29/09 6:29 PM |
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mom2aidan
2 boys & 1 girl :)
Member since 11/06 1874 total posts
Name:
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Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
LINK
How many of you are going to do this? I'm considering it!!!
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| Posted 8/29/09 6:35 PM |
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Kidsaplenty
Sister love
Member since 2/06 5971 total posts
Name:
Stephanie
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Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
Posted by Erica
I think income tax would be around $500K. you could then sell the house for $1M and make $500K profit, but you have to do that all before April 15th!
So say you win it on December 15th, take the house by January 1st. That gives you 3 months to sell the house or else you pay 500k in taxes? Thats a little too close for comfort
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| Posted 8/29/09 7:16 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
Posted by greeneyes361708
Posted by Erica
I think income tax would be around $500K. you could then sell the house for $1M and make $500K profit, but you have to do that all before April 15th!
So say you win it on December 15th, take the house by January 1st. That gives you 3 months to sell the house or else you pay 500k in taxes? Thats a little too close for comfort
you could list it for a lot less to get a quick sale...but - yeah - it's a pretty big risk
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| Posted 8/29/09 7:26 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
double post
Message edited 8/29/2009 7:59:30 PM.
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| Posted 8/29/09 7:58 PM |
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Jodee
I love my girls
Member since 11/08 1510 total posts
Name:
Danielle
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Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
wouldn't you have to sell it by years end of december 09???
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| Posted 8/29/09 8:09 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
you could always take a HELOC out to pay the taxes!
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| Posted 8/29/09 8:21 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
and I argue that those property taxes are $14K/year
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| Posted 8/29/09 8:22 PM |
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SoinLove
Making big changes
Member since 5/05 16541 total posts
Name:
Kristin
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Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
Posted by mom2aidan
LINK
How many of you are going to do this? I'm considering it!!!
Thanks for posting the link! :)
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| Posted 8/29/09 8:29 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
the drawing isn't until December 15, 2009, so you should be able to push back the transfer until at least 1/1/10, thereby buying yourself some time. Otherwise, it's going to be a tight race to sell!!
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| Posted 8/29/09 9:18 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
Posted by Jodee
wouldn't you have to sell it by years end of december 09???
Even if you sell by 12/31/09, you still have to show the income on your return. You have until April 15 to pay your taxes, so you have until that time to sell and have the cash available to pay the taxes on your winnings.
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| Posted 8/29/09 9:22 PM |
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MommaG
Yay Spring!
Member since 5/05 5133 total posts
Name:
Gloria
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Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
Posted by SoinLove
Posted by mom2aidan
LINK
How many of you are going to do this? I'm considering it!!!
Thanks for posting the link! :)
Thanks Mom2Aidan for posting the link - I had written it down and then I couldn't find it.
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| Posted 8/29/09 9:37 PM |
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SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
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Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
I was thinking of buying a raffle ticket because I figured the odds of winning were a lot better than winning Lotto.
A friend at work brought up a good point. Who is regulating this raffle???? Who's to say the the guy selling the raffle tickets isn't going to make sure one of his friends wins the house????
He needs to call in Price Waterhouse to oversee the raffle or else it could easily be fixed.
(edited for spelling)
Message edited 8/30/2009 10:48:41 AM.
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| Posted 8/29/09 11:21 PM |
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LAMGAJ28
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Member since 10/05 6039 total posts
Name:
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Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
Posted by SpiceGirl
I was thinking of buying a raffle ticket because I figured the odds of winning were a lot better than winning Lotto.
A friend at work brought up a good point. Who is regulating this raffle???? Who's to the the guy selling the raffle tickets isn't going to make sure one of his friends wins the house????
He needs to call in Price Waterhouse to oversee the raffles or else it could easily be fixed.
I was also thinking that in the picture it says a house in Massapequa....I could be wrong...but when I saw the youtube link, they said the house is in Maryland....??
I have to watch it again but it will be tomorrow...getting sleepy now.....
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| Posted 8/30/09 12:01 AM |
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MommaG
Yay Spring!
Member since 5/05 5133 total posts
Name:
Gloria
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Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
It is in Massapequa, on the west side right near the border with Seafod, south of Merrick Rd. I believe the address is 17 Lincoln Pl.
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| Posted 8/30/09 7:39 AM |
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pickles16
Real Estate Professional
Member since 11/07 17227 total posts
Name:
Jen
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Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
What happens if they don't sell enough tickets to cover everything????
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| Posted 8/30/09 8:59 AM |
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Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
Posted by pickles16
What happens if they don't sell enough tickets to cover everything????
Its in the FAQs. It says you get back most of the money.
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| Posted 8/30/09 10:27 AM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
I totally agree on the "how is it regulated?". I mean what are the odd of this not being fixed.
We all know about the McDonald Monopoly fiasco.
Message edited 8/30/2009 9:57:12 PM.
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| Posted 8/30/09 9:56 PM |
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MRSE
LIF Adult
Member since 5/05 1420 total posts
Name:
(112903)
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Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
That house is in my neighbor hood!!!!
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| Posted 8/31/09 11:10 AM |
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mom2aidan
2 boys & 1 girl :)
Member since 11/06 1874 total posts
Name:
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Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
No problem! It seems risky - but it could pay off! 
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| Posted 8/31/09 11:19 AM |
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