Can we avoid taxes on a raffle prize by giving to charity?

August 17, 2011

From:  Karen
Date:  14 Sep 2009

We won a raffle prize of $10,000 from a charity. Can we give some back or to other charities instead of paying tax on the money?

Answer

Date:  7 Oct 2009

Hello Karen,

You can refuse to accept the prize (which then shouldn’t be taxable), or donate the money to another charity. In order to get the deduction for the donation, you have to be able to itemize your tax deductions.

Good luck!


Mike Gray

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