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While I have no idea if there is a difference between a "Car lottery" (Like the annual Porsche raffle) and a Real Estate Lottery from an IRS/tax standpoint. I do believe that only companies with 501c3 (non-profit) status can hold these types of fund raising events legally. In addition, they can only do two of these events a year.
I am interested in getting more tax information about these fund raising events though. I am involved with a non-profit animal org that could use the fund-raising money.
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Jeff C
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