Home Raffle - Loan Modification Forum

meljane · 01-10-2009, 05:29 PM

I have a home in Florida. I want to know if legally I can raffle 10,000 - $50 tickets - to win the right to buy my home for $1. A portion of the proceeds would go to charity.

Does anyone have any information or expertise about this?

Dan Bailey · 01-10-2009, 05:34 PM

Id contact a lawyer in Fl.

faith · 01-10-2009, 06:04 PM

[QUOTE=faith;52659]Hello,
I found some information regarding raffle tickets in California from the website of the Office of the Attorney General>

oops, I didn't see your state, here's the link for Florida.

Statutes & Constitution :View Statutes : flsenate.gov

Good luck,

LHarveyMadman · 01-10-2009, 10:29 PM

That's a novel thought. However, I think you're going to run into trouble if you're holding the raffle to pay off your loan. If any money from the raffle is going to settle a personal debt, then it probably would be considered taxable income.

Years ago I was involved in a raffle fundraising operation for a college-based social organization. Before we could hold the raffle (with all proceeds less costs going to charity), we had to incorporate as a not-for-profit organization. It wasn't hard to do, but we did have to work with a lawyer.

meljane · 01-11-2009, 05:17 AM

Thanks for the information and resource for FL law. I suppose I need to do a little more research and retain an attorney before getting too deep into this project.

brokemama · 01-13-2009, 02:59 PM

I read somebody tried to do it down here (Florida) and they were stopped as it's considered illegal.

01-10-2009, 05:29 PM	#1 (permalink)
meljane Member Join Date: Jan 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Home Raffle I have a home in Florida. I want to know if legally I can raffle 10,000 - $50 tickets - to win the right to buy my home for $1. A portion of the proceeds would go to charity. Does anyone have any information or expertise about this?

01-10-2009, 05:34 PM	#2 (permalink)
Dan Bailey Loan Safe Moderator & Homeowner Guide Join Date: May 2008 Location: Wilmington NC Posts: 1,407 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Home Raffle Id contact a lawyer in Fl. __________________ Loansafe saved my home!! I may be alot of things, but I do know the difference between reply and forward.

01-10-2009, 06:04 PM	#3 (permalink)
faith Homeowner & Forum Guide Join Date: Feb 2008 Location: San Diego Posts: 879 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Home Raffle [QUOTE=faith;52659]Hello, I found some information regarding raffle tickets in California from the website of the Office of the Attorney General> oops, I didn't see your state, here's the link for Florida. Statutes & Constitution :View Statutes : flsenate.gov Good luck,

01-10-2009, 10:29 PM	#4 (permalink)
LHarveyMadman Senior Member Join Date: Oct 2008 Location: California Posts: 554 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Home Raffle That's a novel thought. However, I think you're going to run into trouble if you're holding the raffle to pay off your loan. If any money from the raffle is going to settle a personal debt, then it probably would be considered taxable income. Years ago I was involved in a raffle fundraising operation for a college-based social organization. Before we could hold the raffle (with all proceeds less costs going to charity), we had to incorporate as a not-for-profit organization. It wasn't hard to do, but we did have to work with a lawyer.

01-11-2009, 05:17 AM	#5 (permalink)
meljane Member Join Date: Jan 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Home Raffle Thanks for the information and resource for FL law. I suppose I need to do a little more research and retain an attorney before getting too deep into this project.

01-13-2009, 02:59 PM	#6 (permalink)
brokemama Senior Member Join Date: Nov 2008 Posts: 203 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Home Raffle I read somebody tried to do it down here (Florida) and they were stopped as it's considered illegal.

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