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

For answers to new questions, subscribe to our newsletter, Michael Gray, CPA's Tax & Business Insight by filling out the form below.

IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, you are hereby advised that any written tax advice contained on this website was not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed under the U.S. Internal Revenue Code.