I won a Sheep Hunt!!!

[Stud Duck]

That is awesome!!!

Hope you have a great hunt; enjoy every minute of it!!

 

[ericthered]

Congratulations, you're living the dream!

 

[TheDoublR]

congrats man that should be epic

 

[Doc Holliday]

Congratulations! That’s great

 

[Petcoon]

Good for you awesome!

 

[Haburchak.257]

Congrats! Hope you went and bought a lottery ticket as well lol

 

[Bfoster16]

Congrats!

 

[outlook8]

Awesome, congrats!

 

[bojangles808]

Congrats! Not to rain on your parade (but something you should consider) is anyone know how do the tax implications work out when winning a hunt like this?

 

[Sierra Hunter]

Congrats! Not to rain on your parade (but something you should consider) is anyone know how do the tax implications work out when winning a hunt like this?

already thinking about that.…

 

[Sully_44]

So sweet! Hopefully they have you back on for a recap! Either way you should do a write up on here of the whole experience.

 

[Sierra Hunter]

Congrats! Not to rain on your parade (but something you should consider) is anyone know how do the tax implications work out when winning a hunt like this?

Talked to Jason, all I want say is that they’re legends

 

[JeffP_Or]

..... is anyone know how do the tax implications work out when winning a hunt like this?

already thinking about that.…

Congrats due indeed! - and I didn't want to post that question but have considered it many times when looking at raffles.

I was lucky enough to win a raffle a few years ago - not a big one, but this is what I learned - at least for Oregon:

Valuations: >$5k and the vendor [or whomever ran the raffle] is required to send out a W-# whatever form for tax reporting. Mine was listed just under $5k so I never got a W-# form.

Reporting: the feds use it as 'additional income'; schedule 1 has a 'Prizes and Awards' line for items NOT covered under another category - I'm 'guessing', you'll get a W-# for this higher value hunt and it may go in the appropriate box for that and not under unreported additional. Mine was taxed at the same income category because I was not bumped up into a higher bracket which might have caused quarterly payments etc. So it was basically just another line of income.

But there are taxes and my experience was the same rate as normal income - not like bonuses or whatever. For Oregon, and income tax state, since it went on the Federal 1040 as income, the state uses that for state income reporting so no change - just a higher income/wage earner.

The biggest takeaway would be - DON'T 'forget' to report it and pay fines.....

CAVEAT/DISCLAIMER: I am NOT a tax preparer/professional, only anecdotal info!

Again, have a GREAT experience, mine was for sure! But rest assured, there are tax implications and maybe a pro will chime in.