- April 26, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Is Raffling Off a House Legal?
My friend has come up with the idea of raffling off his house for $100 a ticket, with no limit on the number of tickets one person can purchase. I’m not sure about the legalities of this situation, as I am not well-versed in the intricacies of the law.
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In most locations contests/raffles/gambling is heavily regulated. Does he even have a mortgage-free house?
Besides likely being illegal as others have mentioned, this seems like a really terrible idea. Let’s say it was $100 a ticket, and he sold 1000 tickets. That’s only $100,000.. Not very much money for a house. He would likely be better off just selling the house or auctioning the house.
In the US, running raffles where it costs money to enter is generally illegal, that’s why the vast majority of contests are free to enter and don’t even require a product purchase. There’s often exceptions for charities, church or school fundraising, and the like. And REALLY small-scale stuff sometimes just flies under the radar.
In order to raffle off a house, though, he’d have to advertise it somehow. This would get him some attention, and he’d likely get caught. He’d also have to explain the income on his taxes–believe it or not, there actually IS a line for “illegal income” on the tax form, which I’m sure would attract some federal attention. Or he could lie about the source of the money, which would get him in even MORE serious trouble.
But aside from being illegal, it’s just straight-up a bad idea. I don’t know what his house is worth, but the US average is $417,000. He’d have to sell many thousands of tickets to get what he would make just by selling it.
Why exactly is this a “bright idea”? Assuming it was legal, what does he expect to get out of it? Is there anything particularly desirable about his house or does he think the oddity of the situation will get him the ticket sales he needs to cover his remaining mortgage and his equity less whatever legal costs may arise?
This will strongly depend on your state. Where are you located?
“Win a house” essay contests w/$100 entries seem to be the common work around