Annual Wings of Hope Save-a-Kids Life Airplane Raffle!

AggieMike88 said:
Buying my tickets, this "negative" thought entered my head.....

When someone wins a prize such as this, it it something the IRS is gonna want to know about?
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Oh yeah. They provide you all the paperwork for the IRS.
 
And a question for @Ken Pedersen, Amongst the ownership transfer documents, can you provide the appropriate documents so that the sales tax authorities can be put back to sleep?

Here in Texas, we've heard stories about the revenooers coming to the airports, writing down tail #'s, and then sending bills out to folks who they think owe sales/use tax on the aircraft.
 
Copied from website:

SMOH: 194 hrs. (as of 11/14/2013)...does that mean it has not been flown since 2013?????
 
I bought my tickets. Hopefully the winning ticket...

At the very least I did my part to get the drawing underway.
 
KaiGywer said:
Just thinking tax implications.
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You will have to pay any sales taxes and registration fees just as if you paid cash for the plane on the state side and on both the state and fed tax returns the value of the award will be added as income to your taxes....which may push ya into a higher tax bracket.

Not cheap to win and certainly not a "free" airplane...but still probably worth it.
 
Skip Miller said:
@AggieMike88: Yes, that guy in the white button down shirt and the plastic pocket protector will be meeting you at the airport....
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If he wants to catch me, he will need to run faster than the guys in white jackets and the dog catcher nets
 
jim.nelson said:
Got mine! Is there any way to tell from the ticket number how many have been sold so far?
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I don't know about the ticket number, but I got an email earlier saying they sold over 1000 tickets by Noon.


Edit - I must type slow.
 
Ticket sales end June 30 (or at 3k tickets sold), but when is a ACTUAL raffle date?
 
Right now the raffle drawing is scheduled to take place at our annual volunteer luncheon on May 13.......assuming of course, that we're sold out by that date. All ticket holders are invited to attend.
 
This raffle really could take place 3-4 times a year.
I hate waiting until April to buy my tickets.
 
May 13th!! Ill be out of the country for 5 more days when you call me to tell me I won. Hope that is not a problem cause I wont have phone access. Just email.
 
40 remaining as of this posting.


Now if we can just convince them to do the drawing next week.
 
NHWannabe said:
Sold Out now...3,000 tickets sold in 23 hours! Wow
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Makes me agree with 6PC's comment that the raffle opportunity might be expandable to 3 or 4 times a year.
 
Wow I was to late. No tickets for me:-(
 
This sucks I missed it too.
 
AggieMike88 said:
Buying my tickets, this "negative" thought entered my head.....

When someone wins a prize such as this, it it something the IRS is gonna want to know about?
Click to expand...

Yep.
This isn't a "free" airplane. You will pay for it but hopefully the value for calculating the taxes is not top market but low market? I'd need to take loan I'm sure to keep it but figuring what paying for renting club planes vs a monthly payment is and in the end I own it that's still sweet.
 
What would the ballpark taxes be on something like this?
 
I didn't get a chance to buy any this year :(

AggieMike88 said:
Buying my tickets, this "negative" thought entered my head.....

When someone wins a prize such as this, it it something the IRS is gonna want to know about?
Click to expand...

Yes, they want to know. I didn't get anything but a letter with an appraisal value from WOH, though.

JB1842 said:
Oh yeah. They provide you all the paperwork for the IRS.
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You got paperwork? I only got an appraisal value and wound up paying it as "other income" using the letter as a backing.

labbadabba said:
uh, yep, to the tune of a $60k 1099...
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I dunno, they valued mine a lot lower than I would have expected... And no 1099. I expected one, though.
 
How bad is the overhead in organizing and running an aircraft raffle? Purchasing and cleaning up an aircraft, paperwork transferring ownership to a nonprofit is nontrivial, but beyond that? Is there any reason that it can't (or shouldn't) happen four times a year? It seems like an outstanding source of funds for a good cause.
 
jim.nelson said:
How bad is the overhead in organizing and running an aircraft raffle? Purchasing and cleaning up an aircraft, paperwork transferring ownership to a nonprofit is nontrivial, but beyond that? Is there any reason that it can't (or shouldn't) happen four times a year? It seems like an outstanding source of funds for a good cause.
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The only bad thing I could come up with for 4/year raffle would be raffle fatigue.
 
We need a PoA raffle and eventually we will all have our own bonanza
 
mkosmo said:
I didn't get a chance to buy any this year :(



Yes, they want to know. I didn't get anything but a letter with an appraisal value from WOH, though.



You got paperwork? I only got an appraisal value and wound up paying it as "other income" using the letter as a backing.



I dunno, they valued mine a lot lower than I would have expected... And no 1099. I expected one, though.
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I got a bill of sale, and something else, but I can't remember. I wasn't an appraisal, though. I used that to file all the IRS paperwork.
 
jim.nelson said:
How bad is the overhead in organizing and running an aircraft raffle? Purchasing and cleaning up an aircraft, paperwork transferring ownership to a nonprofit is nontrivial, but beyond that? Is there any reason that it can't (or shouldn't) happen four times a year? It seems like an outstanding source of funds for a good cause.
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I would guess that some of the planes would be donated.
 
JB1842 said:
I got a bill of sale, and something else, but I can't remember. I wasn't an appraisal, though. I used that to file all the IRS paperwork.
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Yeah, apart from my bill of sale I got the "congrats" letter with an appraisal value on it. It wasn't an official appraisal, just their declaration of value.
 
JB1842 said:
I would guess that some of the planes would be donated.
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Some of these groups buy them, it sounds like. I had a chat with the 1940s Air Terminal Museum folks at Wings over Houston last year and they mentioned they buy their annual raffle plane if they have to. Last year's was purchased... but they still made a killing.
 
mkosmo said:
Some of these groups buy them, it sounds like. I had a chat with the 1940s Air Terminal Museum folks at Wings over Houston last year and they mentioned they buy their annual raffle plane if they have to. Last year's was purchased... but they still made a killing.
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Interesting. If they bought my 150, they for sure made a killing.
 
JB1842 said:
Interesting. If they bought my 150, they for sure made a killing.
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Yeah, I'm curious about mine. The bill of sale from the prior owner to WOH of course says $0 and some cursory googling seemed to imply the previous owner was going through some financial hardships. It's my swag guess that it was donated of offset some losses. I did find some pictures on facebook of the aircraft from about 10 years ago, though! She had wheel pants back then... I wonder what happened to them.
 
All 3,000 tickets sold in less than 24 hours! The fastest sell out in our history!

We are so grateful to all who participated. Only one of you will win a plane—but hundreds will benefit from your support of our Medical Relief & Air Transport Program. They are the real winners!

THANK YOU! We are so blessed to have such generous supporters.

As an aside to this group, we've tried multiple raffles in a given year and Anymouse's "raffle fatigue" is a valid phenomena. Ditto for household budgets and the diminishing effect of print advertising. Our 2nd and 3rd raffles took forever to sell out. In the years that followed we've changed the way we publicize and promote the raffle and we've lately been fortunate in having some outstanding donated planes to offer. We'd like to maintain that standard so ours is the "go to" raffle each year. Now....a question for the group: would your interest in this raffle stay the same if we increased the raffle's size (ticketing) from 3000 to 4000?

Again, mega-thanks for your support.
 
Ken Pedersen said:
[snipped thanks and explanation of the single raffle] Now....a question for the group: would your interest in this raffle stay the same if we increased the raffle's size (ticketing) from 3000 to 4000?

Again, mega-thanks for your support.
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For me, probably yes. Obviously it's mathematically different odds, but practically I like what you do and I hope to win a plane. That doesn't change.

John
 
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