A Cessna 172 for $50!

Ken Pedersen

Ken Pedersen

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Ken Pedersen
New Raffle! A Cessna 172 for $50!

To help support its Medical Air Transport (MAT) program Wings of Hope announces its 2013 aircraft raffle. First prize wins a Cessna 172, Flight Instruction for a PPL or advanced training, a Lightspeed Zulu headset and a 3 year membership in Cessna Owners Organization. Second prize wins a Zulu headset and flight instruction. All ticket proceeds go towards our locating advanced care facilities for American children with complex medical conditions and providing free air ambulance transportation to and from those facilities....for as long as it takes. For raffle details click on www.wingsofhoperaffle.org. For details about Wings of Hope, a 4-star rated humanitarian charity, click on www.wings-of-hope.org Only 3000 tickets will be sold! :yes:
 
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Ken Pedersen said:
To help support its Medical Air Transport (MAT) program Wings of Hope announces its 2013 aircraft raffle. First prize wins a Cessna 172, Flight Instruction for a PPL or advanced training, a Lightspeed Zulu headset and a 3 year membership in Cessna Owners Organization. Second prize wins a Zulu headset and flight instruction. All ticket proceeds go towards our locating advanced care facilities for American children with complex medical conditions and providing free air ambulance transportation to and from those facilities....for as long as it takes. For raffle details click on www.wingsofhoperaffle.org. For details about Wings of Hope, a 4-star rated humanitarian charity, click on www.wings-of-hope.org Only 3000 tickets will be sold! :yes:
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No drawing date :dunno:
 
Looks like a chance to win a 172 for $50. If I buy all 3000 tickets, can I get a refund on the 2999 losing tickets since you said I could get the plane for $50?
 
My math may be wrong, but I figure if you want a Cessna and shell out 125K for all the tickets (125 bucks for 3), you will win about 20K in instruction (1st and 2nd prize), 2 lightspeed zulus, and a 172, which is about--guessing--50K. That ends up at around 75K (ballpark) for everything. Now, if I can tax-deduct the rest of my raffle tickets (all but the winning two) as donations to the charity, and assuming I'm within the top tax bracket of 40%, that's about $125K*.4=50K in deductions. Now, I may have to declare that plane as income but assuming I declare it as $50 of income, since that's what it cost (according to Ken), I'm ending up with about 75K of airplane and instruction and headset and cessna club membership, plus 50K less in taxes, I'm coming out perfectly even and I have a good feeling in my heart. Too bad it probably doesn't work like that... and too bad I don't have money :(
 
Ken Pedersen said:
To help support its Medical Air Transport (MAT) program Wings of Hope announces its 2013 aircraft raffle. First prize wins a Cessna 172, Flight Instruction for a PPL or advanced training, a Lightspeed Zulu headset and a 3 year membership in Cessna Owners Organization. Second prize wins a Zulu headset and flight instruction. All ticket proceeds go towards our locating advanced care facilities for American children with complex medical conditions and providing free air ambulance transportation to and from those facilities....for as long as it takes. For raffle details click on www.wingsofhoperaffle.org. For details about Wings of Hope, a 4-star rated humanitarian charity, click on www.wings-of-hope.org Only 3000 tickets will be sold! :yes:
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Somebody needs to do a better job of editing the raffle page; the title bar text says the raffle is for a 150 M:

<title>Win Cessna 150 M Airplane</title> <meta name="description" content="Purchase a raffle ticket for only $50 and win winn Cesna 150 plane and lessons for a private pilot's license. Only 3000 tickets sold. Two chances to win!" /> <meta name="keywords" content="raffle, airplane, plane, Cessna, 150M,Cessna 150, Cessna 150M,flying lessons, private pilot license, zulu headset" /> <link href="StyleSheets/woh.css" rel="stylesheet" type="text/css" />
 
I've got a couple tickets. Also one for the 1940airterminalmuseum 172
 
Jim Logajan said:
Somebody needs to do a better job of editing the raffle page; the title bar text says the raffle is for a 150 M:

<title>Win Cessna 150 M Airplane</title> <meta name="description" content="Purchase a raffle ticket for only $50 and win winn Cesna 150 plane and lessons for a private pilot's license. Only 3000 tickets sold. Two chances to win!" /> <meta name="keywords" content="raffle, airplane, plane, Cessna, 150M,Cessna 150, Cessna 150M,flying lessons, private pilot license, zulu headset" /> <link href="StyleSheets/woh.css" rel="stylesheet" type="text/css" />
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This looks like a 172 to me

http://www.wingsofhoperaffle.org
 
ebykowsky said:
My math may be wrong, but I figure if you want a Cessna and shell out 125K for all the tickets (125 bucks for 3), you will win about 20K in instruction (1st and 2nd prize), 2 lightspeed zulus, and a 172, which is about--guessing--50K. That ends up at around 75K (ballpark) for everything. Now, if I can tax-deduct the rest of my raffle tickets (all but the winning two) as donations to the charity, and assuming I'm within the top tax bracket of 40%, that's about $125K*.4=50K in deductions. Now, I may have to declare that plane as income but assuming I declare it as $50 of income, since that's what it cost (according to Ken), I'm ending up with about 75K of airplane and instruction and headset and cessna club membership, plus 50K less in taxes, I'm coming out perfectly even and I have a good feeling in my heart. Too bad it probably doesn't work like that... and too bad I don't have money :(
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Remember that $50K in tax reductions isn't $50K that you subtract from your tax bill. That's just $50K worth of your income that you don't pay taxes on.

But I feel like I'm looking a gift horse in the mouth. I'LL TAKE IT! :yes:
 
JB1842 said:
Just one. That's all it takes.
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Josh, I'm curious, you were a licensed Sport Pilot when you won IIRC. How did you use the balance of the PPL that came with the win? Could you bank it for instrument or did you just end up with a ton of solo over the required time?
 
KeithASanford said:
Josh, I'm curious, you were a licensed Sport Pilot when you won IIRC. How did you use the balance of the PPL that came with the win? Could you bank it for instrument or did you just end up with a ton of solo over the required time?
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I made a deal with a fellow POAer so he could get a discount on his instruction.
 
Anyone else have problems trying to buy a ticket?
 
Rigged4Flight said:
Remember that $50K in tax reductions isn't $50K that you subtract from your tax bill. That's just $50K worth of your income that you don't pay taxes on.
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Wait a sec- I thought only the cost of the tickets was deductible. :confused:
If a percentage of the value of the prize is deductible, that might actually offset the income tax owed on the value of the prize (because charity or no, it's a gambling prize, and considered to be income).
Regardless, it's still a good deal.
But I'll pass on this one- I have six tickets for the 2013 Luscombe Endowment raffle
bird, and one of them is going to be the winner. :D

Just like last year... :(
 
ron22 said:
Anyone else have problems trying to buy a ticket?
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Yes. Tried several times and kept getting kicked out of paypal. I was using firefox. I switched to Internet Explorer and it worked.

rottydaddy said:
Wait a sec- I thought only the cost of the tickets was deductible. :confused:
If a percentage of the value of the prize is deductible, that might actually offset the income tax owed on the value of the prize (because charity or no, it's a gambling prize, and considered to be income).
Regardless, it's still a good deal.
But I'll pass on this one- I have six tickets for the 2013 Luscombe Endowment raffle
bird, and one of them is going to be the winner. :D

Just like last year... :(
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It would make sense for only the cost of the ticket to be deductible. Unless you donated the airplane to another charity. Pay it forward, kind of.

I'll be right back. Googling how to create a charity. :lol:
 
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Anybody want to buy a 1/50th chance of me buying them a raffle ticket? Only costs $2.
 
I think I may give this a shot this year. Man I wish I could get lucky and win this plane.
 
Kiddo's Driver said:
PayPal is not playing along. It closes the web page when you try to authorize the payment. (I'm using IE 10)
Credit Card works just fine.
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got credit card to work on a different computer. When I tried credit card from my computer it dumped me into paypal :(

They really should fix the the PayPal issue.
 
Rigged4Flight said:
Yes. Tried several times and kept getting kicked out of paypal. I was using firefox. I switched to Internet Explorer and it worked.

It would make sense for only the cost of the ticket to be deductible. Unless you donated the airplane to another charity. Pay it forward, kind of.

I'll be right back. Googling how to create a charity. :lol:
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I see now that I didnr read the post carefully... that $50K was not the value of the prize, it was the cost of buying all the tickets after factoring prize value, etc.
An intersting way of looking at it, but I wonder if it would really pan out fhat way.
I also doubt any fundraising raffle organizer would let one party buy ALL the tickets... not if they want to attract ticket buyers for any future raffles.
 
ebykowsky said:
My math may be wrong, but I figure if you want a Cessna and shell out 125K for all the tickets (125 bucks for 3), you will win about 20K in instruction (1st and 2nd prize), 2 lightspeed zulus, and a 172, which is about--guessing--50K. That ends up at around 75K (ballpark) for everything. Now, if I can tax-deduct the rest of my raffle tickets (all but the winning two) as donations to the charity, and assuming I'm within the top tax bracket of 40%, that's about $125K*.4=50K in deductions. Now, I may have to declare that plane as income but assuming I declare it as $50 of income, since that's what it cost (according to Ken), I'm ending up with about 75K of airplane and instruction and headset and cessna club membership, plus 50K less in taxes, I'm coming out perfectly even and I have a good feeling in my heart. Too bad it probably doesn't work like that... and too bad I don't have money :(
Click to expand...

You would have even less money. To take the deduction legally, you take the amount of gross contribution less the FMV of the prize. The difference is your charitable contribution. So assuming you pay 125k and the FMV is 75k, then your deduction is 50k. Net benefit is 50k * effective tax rate, basically.
 
asgcpa said:
You would have even less money. To take the deduction legally, you take the amount of gross contribution less the FMV of the prize. The difference is your charitable contribution. So assuming you pay 125k and the FMV is 75k, then your deduction is 50k. Net benefit is 50k * effective tax rate, basically.
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Yes, it was complete troll logic. But it's still fun to think about outside of the box ways to cheat the system, regardless of whether or not they really work :)
The best way to get around it would be to simply not declare the winnings, but claim the donation and pray the IRS doesn't catch on!
 
ebykowsky said:
Yes, it was complete troll logic. But it's still fun to think about outside of the box ways to cheat the system, regardless of whether or not they really work :)
The best way to get around it would be to simply not declare the winnings, but claim the donation and pray the IRS doesn't catch on!
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Tax evasion is a crime, tax avoidance is a civic duty.
 
bartmc said:
Tax evasion is a crime, tax avoidance is a civic duty.
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It's only a crime if you're a conservative or christian non-profit organization.

But right now I'm flying at 1.1 Vso with full right rudder. I'll stop there before I put us into a spin :)
 
how long after the winner is announced do they list the next plane.
I'd be in for a couple tickets for sure.
 
Supposedly yesterday at 1 CST. They didn't call me. Yet. :)


Sent from my iPhone using Tapatalk
 
I did get the call!

Well... I got an email, anyway, from the woman who did win the plane, looking for some advice (since I get the emails from our flying club web site). Small world! Turns out she's the grand-daughter of the pastor who married my wife and I, nearly 35 years ago.
 
DaleB said:
I did get the call!

Well... I got an email, anyway, from the woman who did win the plane, looking for some advice (since I get the emails from our flying club web site). Small world! Turns out she's the grand-daughter of the pastor who married my wife and I, nearly 35 years ago.
Click to expand...


Glad I didn't buy a ticket then. Now that I know who won, I know that I would not have.
 
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