DRAWING EXTENDED through ski season - april 12th! BUY YOUR TICKETS by april 5
Buy 3 tickets for $275 Buy 10 tickets for $800 Increase your chances of winning the Early Drawings and the Grand Prize! Click here to enter!
FAQs
Q. Is my Raffle ticket purchase tax-deductible?
Even though the Lake Tahoe Dream Home Raffle benefits TMRF, a non-profit organization, the law does not allow you to take a tax deduction for the cost of the raffle ticket.
Q. How much money does TMRF raise by raffling the house?
That depends on how many tickets we sell, but our goal is to raise up to $1 million.
Q. How is TMRF going to use the money?
Tahoe Mountain Resorts Foundation supports numerous community and environmental organizations, including: Tahoe Forest Hospital and Hospice, Workforce Housing Association of Truckee Tahoe, Tahoe Women's Services, Truckee Little League, Girl Scouts, Lake Tahoe Musical Festival, Boy's and Girl's Club of North Lake Tahoe, the North Tahoe Art Center and Project MANA and as well as provides over $42,000 annually in college scholarships.
Q. Are there discounts if I buy more than one ticket?
Yes. For a limited time you can buy a 3 pack of tickets for $275 or a 10 pack of tickets for $800. Buy and save $25 or $200!!!
Q. What are my chances of winning the house? What are my chances of winning any prize?
Your chances of winning a prize depend on how many tickets are sold. We are awarding more than 30 prizes in all. As an example, if we sell 20,000 tickets, your chances of winning a prize of at least $1000 in value would be approximately 1 in 600. Your chances of winning the $1.4 million vacation dream home or $1 million cash would be approximately 1 in 20,000.
Q. If I win, can I take $1 million instead of the house?
Yes, TMRF awards the house or $1 million to the Grand Prize winner. The winner gets to choose. Which would you pick?
Q. What happens if you don't sell 22,000 tickets?
The rules state that if we sell fewer than 22,000 tickets, the Grand Prize winner receives one half the proceeds of the Raffle after expenses have been paid. For example, if the net proceeds after the expense of conducting the Raffle are $900,000, the Grand Prize winner would receive $450,000.
Q. Can I buy more than one ticket?
Yes. You may buy as many tickets as you like.
Q. Can my company or business buy tickets?
Your company or business may purchase tickets, but the Raffle law requires that all tickets must be in the name of individuals. They cannot be bought in the name of the company.
Q. Can I go in with friends or family to buy a ticket?
Yes. Up to three people may buy a ticket together and have their names on the ticket.
Q. If my name is drawn and I win a prize in the Early Bird drawing, do I have to buy another ticket to be eligible for the Grand Prize drawing?
No. If your name is chosen and you win any of the Early Bird prizes, your name goes back into the Raffle. You are still eligible to win all subsequent early bird prizes as well as the Grand Prize.
Q. Can I give the ticket to a friend? Can it be a gift?
Yes. You may buy the ticket as a gift, but if you want to do so, make sure that person's name and contact information is on the ticket when you purchase it.
Q. If I win the house, does it cost me anything to get it? What about taxes or insurance?
Yes. If you win the Grand Prize and decide to take the house, you are required to pay all supplemental income tax and closing costs including property taxes and insurance, title insurance, etc.
Q. If I win the house, is it reported to the state and the IRS? Do I have to claim it on my income taxes?
It is required by law for all prizes valued over $5,000 to be reported to the IRS.
Q. If I win the Grand Prize and decide to take the money instead, do you report it to the state and to the IRS? Do I have to report it on my taxes?
Yes. The law requires TMRF to withhold supplemental taxes on the cash prize. We will withhold approximately 25% of any cash award of $5,000 or more, and report that to the state and to the IRS. Please consult with your tax advisor.
Q. If I win other cash prizes, do you withhold taxes and report my winning to the state and IRS?
Yes. The law requires TMRF to withhold taxes on all prizes of $5,000 and above.
Q. This Raffle seems like gambling. Is it legal?
The Raffle is entirely legal. California law permits charities, such as TMRF, to conduct raffles within specific rules and guidelines.
Q. Where can I see all the rules of the Raffle?
The rules are on the Raffle website click here to view rules.
Q. If I buy a ticket and decide I don't want to be in the drawing, can I get a refund?
Sorry, once payment has been received, all ticket sales are final.
Q. What other prizes besides the house are you giving away?
There are lots of prizes, including special prizes in Early Bird drawings. For a complete list of prizes click here.
Q. Can I buy my Raffle ticket with a credit card?
Yes. We accept Visa, MasterCard and American Express.
Q. Can I buy my Raffle ticket with a debit card or an ATM card?
Yes.
Q. Can I just go online and buy my Raffle ticket?
Unfortunately the law does not allow us to sell tickets directly on the internet. You may download the Order Form from our website and fax or mail it in with payment, or call, and we will take your order by phone.
Q. Do I have to be present to win?
No. You're welcome to attend the Early Bird and Grand Prize Drawings, but you don't need to be present to win. We will notify all prize winners.
Q. When is the deadline for buying a ticket?
The last day you can purchase a ticket is Monday, April 5, 2010
Q. When do you hold the drawings? Where will it be? Can I attend?
The Early Bird and Grand Prize Drawings will be held between August 1, 2009 and April 12, 2010. All ticket buyers are welcomed and encouraged to attend all drawings. For a prize drawing schedule click here.
Q. If I win, how long will it be before I receive my prize?
All cash and merchandize prizes will be awarded within 60 days of each drawing. The Grand Prize will be awarded within 60 days of the final drawing.
Q. Can I see the names of prize winners?
Yes. Names of all prize winners will be on file here at TMRF and will be posted with their permission on TMRF's Lake Tahoe Dream Home Raffle website at www.laketahoeraffle.com.
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