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I bought a raffle ticket ($150) for a wine cellar worth $1000 at a charity auction. I won the raffle & gifted the prize back to the charity. Can any of this be deducted?
I understand that the cost of raffle tickets is not deductible. The "wine cellar" was $1000 to spend at an online wine site.
I received a tax form from the charity acknowledging the donation of the wine cellar worth $1000. I did not receive a tax form from them acknowledging that I had won the prize as I never took possession of the virtual wine cellar. Don't know if I would also need to claim it as income in that situation?
I received a tax form from the charity acknowledging the donation of the wine cellar worth $1000. I did not receive a tax form from them acknowledging that I had won the prize as I never took possession of the virtual wine cellar. Don't know if I would also need to claim it as income in that situation?
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‎February 6, 2023
7:54 PM