The raffle winner is Paul Serniwka of New Jersey. He is a long time VCA member.
He will be receiving around $21,000 after taxes.
What a nice Christmas Present!
Viper Club of America would like to thank everyone that participated in the raffle!
i.e., "All of the losing raffle tickets go into the same trash can."
Send them all to the winner, along with other "loser" lottery tickets etc. He may be able to write off all losses against winnings to zero out the tax due. Generally the IRS considers raffles to be a form of gambling.
To claim a deduction for gambling losses you must itemize deductions on Schedule A. None of your gambling losses are deductible if you take the standard deduction. You report gambling winnings on Line 21 of Form 1040. You report gambling losses as a miscellaneous deduction on Line 28 of Schedule A. You must maintain accurate records Hint(Old tickets) You can also deduct the actual cost of the winning ticket!
Consult your own tax attorney before following these suggestions!