Comments on: Couple decides to raffle Hagerstown home http://blogs.mddailyrecord.com/ontherecord/2007/12/31/couple-decides-to-raffle-hagerstown-home/ Thu, 04 Dec 2008 22:27:19 +0000 http://wordpress.org/?v=2.3.1 By: Bruce T. Anderson http://blogs.mddailyrecord.com/ontherecord/2007/12/31/couple-decides-to-raffle-hagerstown-home/#comment-2267 Bruce T. Anderson Fri, 07 Mar 2008 23:43:46 +0000 http://blogs.mddailyrecord.com/ontherecord/2007/12/31/couple-decides-to-raffle-hagerstown-home/#comment-2267 The homeowners don't keep the profit due to Maryland law prohibiting anyone other than a registered charity from benefiting from a raffle. Prize taxes range from 25 to 38% of the prize and are payable upon receipt of any prize of $5000 or more - as per IRS. In the case of this raffle taxes could be as much as $150,000. However, the law also requires that another appraisal must be completed if the raffle drawing is held 90 days after the issuing of the permit. The drawing is on March 13 if 5000 tickets are sold so another appraisal is due. The first appraisal valued the property at $390,000. To date there are just under 4700 tickets sold. The homeowners don’t keep the profit due to Maryland law prohibiting anyone other than a registered charity from benefiting from a raffle. Prize taxes range from 25 to 38% of the prize and are payable upon receipt of any prize of $5000 or more - as per IRS. In the case of this raffle taxes could be as much as $150,000. However, the law also requires that another appraisal must be completed if the raffle drawing is held 90 days after the issuing of the permit. The drawing is on March 13 if 5000 tickets are sold so another appraisal is due. The first appraisal valued the property at $390,000.
To date there are just under 4700 tickets sold.

]]> By: Chandler http://blogs.mddailyrecord.com/ontherecord/2007/12/31/couple-decides-to-raffle-hagerstown-home/#comment-1710 Chandler Wed, 20 Feb 2008 15:19:28 +0000 http://blogs.mddailyrecord.com/ontherecord/2007/12/31/couple-decides-to-raffle-hagerstown-home/#comment-1710 I wonder what the taxes would be to the winner of the home? The winning ticket holder may not be able to afford to win the home. I wonder what the taxes would be to the winner of the home? The winning ticket holder may not be able to afford to win the home.

]]> By: hansey http://blogs.mddailyrecord.com/ontherecord/2007/12/31/couple-decides-to-raffle-hagerstown-home/#comment-1603 hansey Sat, 16 Feb 2008 03:03:32 +0000 http://blogs.mddailyrecord.com/ontherecord/2007/12/31/couple-decides-to-raffle-hagerstown-home/#comment-1603 If the couple lowered the asking price to $349,000 before taking it off the market and the house is appraised at $390,000 why are they getting paid $425,000 from the raffle ticket sales? If enough tickets aren't sold the San Mar doesn't make any money. The home owners should be willing to take at least the appraised value so San Mar can receive more.....San Mar is the charity after all. If the couple lowered the asking price to $349,000 before taking it off the market and the house is appraised at $390,000 why are they getting paid $425,000 from the raffle ticket sales? If enough tickets aren’t sold the San Mar doesn’t make any money. The home owners should be willing to take at least the appraised value so San Mar can receive more…..San Mar is the charity after all.

]]> By: Anonymous http://blogs.mddailyrecord.com/ontherecord/2007/12/31/couple-decides-to-raffle-hagerstown-home/#comment-813 Anonymous Mon, 04 Feb 2008 22:16:49 +0000 http://blogs.mddailyrecord.com/ontherecord/2007/12/31/couple-decides-to-raffle-hagerstown-home/#comment-813 why cant the home owners keep any profit? why cant the home owners keep any profit?

]]> By: Dan Day http://blogs.mddailyrecord.com/ontherecord/2007/12/31/couple-decides-to-raffle-hagerstown-home/#comment-385 Dan Day Wed, 23 Jan 2008 12:53:53 +0000 http://blogs.mddailyrecord.com/ontherecord/2007/12/31/couple-decides-to-raffle-hagerstown-home/#comment-385 The story is that San Mar has the opportunity to gain a significant amount to support its programs, and someone will have the opportunity of winning a home appraised at $390,000. And there are four additional chances to win. Runner-up prizes--a 2008 Toyota Camry, a Persian Rug, Statton furniture, $1,000 cash. Tickets can be ordered at www.sanmarraffle.com, where website visitors can also take a virtual tour of the home. A minimum of 5,000 tickets must be sold. The maximum number to be sold is 7,000. The story is that San Mar has the opportunity to gain a significant amount to support its programs, and someone will have the opportunity of winning a home appraised at $390,000. And there are four additional chances to win. Runner-up prizes–a 2008 Toyota Camry, a Persian Rug, Statton furniture, $1,000 cash. Tickets can be ordered at www.sanmarraffle.com, where website visitors can also take a virtual tour of the home. A minimum of 5,000 tickets must be sold. The maximum number to be sold is 7,000.

]]> By: anonymous http://blogs.mddailyrecord.com/ontherecord/2007/12/31/couple-decides-to-raffle-hagerstown-home/#comment-312 anonymous Mon, 14 Jan 2008 19:51:54 +0000 http://blogs.mddailyrecord.com/ontherecord/2007/12/31/couple-decides-to-raffle-hagerstown-home/#comment-312 Because I wanted to see if I could even afford to pay the taxes on winning the house if I entered the raffle, I did a little research: as far as I can see,they are flippers who flopped and at the time they took it off the market, they were asking 349,900.l They are delaying the start of the raffle enough that I wonder if they really intend to raffle it. Because I wanted to see if I could even afford to pay the taxes on winning the house if I entered the raffle, I did a little research: as far as I can see,they are flippers who flopped and at the time they took it off the market, they were asking 349,900.l They are delaying the start of the raffle enough that I wonder if they really intend to raffle it.

]]> By: Anonymous http://blogs.mddailyrecord.com/ontherecord/2007/12/31/couple-decides-to-raffle-hagerstown-home/#comment-192 Anonymous Wed, 02 Jan 2008 16:24:12 +0000 http://blogs.mddailyrecord.com/ontherecord/2007/12/31/couple-decides-to-raffle-hagerstown-home/#comment-192 Is this really a housing slump story or a bad decision story? They purchased the house in April 2006 for $375K. According to the main article, they put it on the market 18 months ago (so around June 2006) for $425K after deciding it wasn't for them. It seems hard to believe that failing to make a $50K profit after being in a house for 2 months is indicative of a housing slump. But, hey, good for the charity. Hopefully, it'll earn some money from the raffle. Is this really a housing slump story or a bad decision story? They purchased the house in April 2006 for $375K. According to the main article, they put it on the market 18 months ago (so around June 2006) for $425K after deciding it wasn’t for them. It seems hard to believe that failing to make a $50K profit after being in a house for 2 months is indicative of a housing slump.

But, hey, good for the charity. Hopefully, it’ll earn some money from the raffle.

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