Is it legal to raffle off a primary residence?
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Is it legal to raffle off a primary residence?
In CO.
Asked on February 25, 2011 under Business Law, Colorado
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Unfortunately, an individual cannot have a legal raffle without a charity involved. Therefore, you will have to designate a charity that will receive any proceeds over that which you are asking for your house. In other words, the non-profit can then raffle off your house, and you'll get a tax deduction - but not the cash. As a general rule, nonprofit, tax-exempt entities are churches, schools, civic organizations, or related support groups; and nonprofit organizations qualified under Section 501(c) of the Internal Revenue Code.
You'll need to meet with a representative of that charity and explain what you are doing and how you will go about donating the proceeds. Since this can all get a little complicated you may want to meet with an attorney to help you get you started.
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