Not Ranked
OK, here it is straight from the IRS web site:
"Costs of raffles, bingo, lottery, etc. You cannot deduct as a charitable contribution amounts you pay to buy raffle or lottery tickets or to play bingo or other games of chance. For information on how to report gambling winnings and losses, see Deductions Not Subject to the 2% Limit in Publication 529. "
Also, in most states, only tax-exempt,or charitable organizations can hold a raffle, otherwise, I'd be holding weekly raffles for the treasures in my attic, so, what organization will actually "hold the raffle?"
The good news is that you can deduct your gambling losses if you don't win the raffle! (you can look up how to do that yourself on the IRS website.)
(The reason I fixate on this is my kids' school has had raffles and these questions have come up dozens of times).
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