Legal Question in Real Estate Law in Massachusetts
taxes on a property .
i want to raffle my home as i am 6mths behind in payments. If i raffle the home and i make a large profit on the home what are the tax implications.
Asked on 9/23/07, 11:42 am
1 Answer from Attorneys
Herbert Cooper
Law Offices of Jameson & Cooper
Re: taxes on a property .
There are legal issues with running a lottery in the Commonwealth, basically prohibiting private persons from soliciting money in exchange for the right to receive a prize (your house).
It is unlikely that such a scheme is feasible, but one would assume that it would be treated as a sale or disposition of your house, and the tax rules which apply would determine what tax would need to be paid.
Again, such a scheme sounds illegal in Massachusetts.
Answered on 9/26/07, 5:02 pm
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