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#1851297 - 09/11/13 09:28 PM At what point is this income - is this a raffle?
TEL Offline
100 Club
Joined: Feb 2009
Posts: 160
During an open house to be held at a bank branch, discussion is to do some give aways. Anyone (customer or non-customer)who shows up is given a ticket they can put into the bowl. Later a number is pulled. If your number is pulled you get a give away. There are no strings - the person does not have to open an account, pay anything - - just come.
First - - any issues with it so far? Second - - - Is there a value limit to the give aways before IRS or other is triggered?

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#1851300 - 09/11/13 09:28 PM Re: At what point is this income - is this a raffle? TEL
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,393
Galveston, TX
First - There does not appear to be any unless your State laws cover such give-aways.

Second - $600 and a 1099MISC would be triggered.
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#1851435 - 09/12/13 03:11 PM Re: At what point is this income - is this a raffle? TEL
TEL Offline
100 Club
Joined: Feb 2009
Posts: 160
You confirmed my thoughts too. We are not even close to the $600. Thanks for the input.

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