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Guess what?! Back by popular demand, The Dream Raffle 2.0 is finally here!
Following last year’s resounding success, The Am Yisroel Chai foundation is once again offering you the chance to win the keys–quite literally– to the ultimate Jewish dream: a brand-new, $1,000,000-value, Jerusalem apartment overlooking Har HaBayit! It’s the ultimate dream. And now it’s within reach.
That’s right: With just 1 raffle ticket, a luxury apartment in the heart of Jerusalem can be yours to keep. Forever.
But it gets even better. The Dream Raffle 2.0 is launching with a limited-time-only offer!
In honor of the launch, enter code “ELUL” to DOUBLE your ticket purchase and DOUBLE your chances to win!
- Buy 1 ticket and we will give you 2.
- Buy 10 and we will give you 20.
- Buy 100… you get the point!
The 2018 winner of The Dream Raffle was Don Wisniewski from Waipahu, Hawaii. This year’s winner? It could be you!
All proceeds benefit Am Yisroel Chai, an organization devoted to supporting the people of Israel through a multitude of programs and services.
You want in? We thought so. Enter code “ELUL” to double your chances!
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32 Comments On "The Dream Raffle Is Back! Double Your Chances To Win A Luxury Jerusalem Home!"
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Who will pay the מס רכישה, the winner or Am Yisrael Chai?
How many square meters is the apartment?
All taxes are paid by the winner. That is standard policy for all raffles. As far as the size, please see the terms and conditions where a special appendix lists all information about the apartment
I combed through the T&C’s and could not find the size in square meters listed anywhere.
Apartments in these buildings sell for 23,000 NIS per meter. As a 3 room apartment this is max 90 meters. This gives us a value of $585,000 with todays rate. Thee is also no language about a Machsan or Parking Spot being included.
Then there is a מס רכישה of upwards 10% depending on the winner, which the winner must pay. Most foreigners need to pay the full whack.
An American winner would need to pay income tax as well of 25% minimum on top of this.
There is no Har Habayis views from Arnona.
Last years winner chose cash because he was not eligible to make Aliya as he was not covered by the law of return.
Noone really heard of Am Yisrael Chai other than during this raffle.
There is such a lack of transparency here that it seems to me more of a ploy to sell apartments than anything else.
I started the Am Yisrael Chai Foundation in 2001 and you can see all our 990 tax returns on Guidestar. I have no idea what you are referring to re “a ploy to sell apartments”. I do not sell apartments… I raise for causes that nobody else gives to: Farmers on the Gaza border who have been plagued for close to 2 years with fire balloons that destroyed tens of thousands of acres. Ask them who besides “Am Yisrael Chai” is helping them. We sponsor the Israel Dog Unit which saves MANY lives each year and doesn’t get ONE PENNY from the Israeli government and I can go on. As far as the view – there is a BEAUTIFUL view of Har Ha’Bayit from the apartment and I will show it to you myself! There is a parking spot as well. This is a REAL raffle, with an amazing prize that supports an incredible organization that has ZERO salaries and almost no administrative expenses. If you don’t want to buy a ticket that is fine but don’t start spreading Lashon Hara about an important cause. Am Yisrael Chai! – Shmuel Sackett; Founder and Director of “Am Yisrael Chai Foundation”
I am familiar with Am Yisrael Chai and some of the projects that it funds, too. 100% above the books.
Please, Hashem, let me win so that I can focus on the TLV-NYC fare deals on this site as opposed to the other way around…..
+10
@dan last year numerous people tried reaching out to find out If an actual apartment was going to be raffled or if it was going to be money In the and. And there was never any response. Did they actually give away an apartment Last year? And are they definitely giving away an apartment this year?
The raffle was also pushed off several times over
We pushed the raffle off ONE TIME last year so that more people could buy tickets and we could raise more money to help the causes we sponsor. Just one time.
Last year, the winner chose the cash equivalent but the apartment was offered. The same will happen this year. The apartment is ready to go to the winner but the choice is up to the winner who can choose between the apartment or the cash.
In what neighborhood is the apartment? On what floor of the building
The apartment is in Arnona – 8 HaShofet Chaim Cohen Street – 14th floor. Looks to be the same building or building next to the apartment as last year. Last year the terms said 18,19th,or 20th floor. Despite what they advertise, it is quite a distance from Har Habayis, and the photography on the website is likely using a lens way better than your naked eye can see even with corrective lenses. I wouldn’t call the apartment overlooking, but certainly has a view of Har Habayis.
All details from 2019 are here:
https://thedreamraffle.com/wp-content/uploads/2019/08/The-Dream-Raffle-Complete-Terms-and-Conditions.pdf
Last years terms I found here:
https://wordpress-232989-712361.cloudwaysapps.com/wp-content/uploads/2018/08/The-Dream-Raffle-Complete-Terms-and-Conditions.pdf
Arnona neighborhood. 14th floor. 2 Shabbat elevators.
How much will the taxes be on this?
I’m no CPA, but right out of the starting gate, per IRS Notice 1340:
Noncash Prizes: For noncash prizes, the winner must pay the organization 25% of the fair market value of the prize minus the amount of the wager. Example 3: Shloimie purchased a $180 ticket for a raffle conducted by Am Yisrael Chai, an exempt organization. On December 31, 2019, the drawing was held and Shloimie won an apartment worth $1,000,000 (fair market value). Because the prize exceeds $5,000 and the fair market value of the apartment is $1,000,000, the tax on the fair market value of the prize is $249,955.00 [($1,000,000 minus $180 ticket cost) x 25%)]. Shloimie must pay $249,955.00 to Am Yisrael Chai, to remit to the IRS on his (Shloimie ’s) behalf. Am Yisrael Chai would indicate the fair market value of the prize ($1,000,000) in box 1 and the amount of the withholding tax paid ($249,955.00) in box 2 on Form W-2G.
I suppose that doesn’t mean you can’t find yourself a good accountant who can reduce your final tax bill or that you wouldn’t owe other income tax (including, but not limited to the State of Israel) on this prize, but this sounds like a minimum of what you would need to cough up to even think about taking possession of the apartment.
So, if you’re right, you get a MILLION DOLLAR apartment in Jerusalem with s view of Har HaBayit that is your forever to even give as an inheritance for $250K. Not a bad deal…
First world problems.
אַלעווייַ I should be in a such a position where I have $250K just hanging around to pay the IRS for the privilege of winning this apartment!
That’s why there is cash option. I think its a DREAM offer, either way I hope I win!
If someone does not have the money to pay the taxes, let them choose the cash option. The taxes will be withheld and the winner gets an enormous check without having to reach into his pocket. This is exactly why we have this option.
I purchased tickets.
“3.3. A winner who is not entitled under Section 4B of the Law of Return, 5710-1950, will not receive the Apartment – rather, a “prize alternative” that is equivalent to the value of the Apartment at the time of its acquisition; 600,000 only.”
Sounds to me like you can only opt for the cash prize if you are not entitled to the Law of Return. The terms don’t say anything about being able to claim a cash prize just because you don’t have cash available for taxes.
Very. Good. Point.
And my cheshbon with all the back and forth discussion is actually closer to 58%
25% IRS withheld
10% Israeli tax
12% progressive additional US income tax. Since this prize will most likely put you in the highest tax bracket for the year whether or not you are already fortunate enough to be in the highest tax bracket.
11%+ progressive additional state and local taxes if you live in an area like NYC.
If a $600k cash option is really available, and no reason to think Rabbi Sackett didn’t mean it, your tax would be 49% since presumably there would be no Israeli tax involved. So $300k+ is still a nice chunk of change to walk away with and helping this organization at the same time is not bad either.
You get a credit in the US for taxes paid to a foreign country. So you wourld NOT pay taxes to both Israel and the US. Or, alternatively, the 10% you pay to Israel would be used to reduce your actual tax bill in the US.
I highly recommend speaking to a professional financial adviser about these matters… right after you win! B’hatzlacha!!
A credit for income tax, yes. But is the Israeli Purchase Tax considered an income tax that would allow it to be deductable on your US income tax? By its very name it wouldn’t be an income tax. Heck
Even if you are correct, that’s still ~48% in US taxes.
Not true at all. Anyone can opt for the cash prize. The goal is to make the winner’s life happy and exciting, not full of pressure and stress. Whatever he or she prefers is what we will do.
It might not have been meant that way, but the T&C clearly says only someone who is not eligible under the law of return. He’s not seeing anywhere else in the T&C that says the alternative prize is offered to the winner regardless of eligibility. It may be prudent to amend the T&C, as people may not be buying raffles because of this oversight.
Precisely.
I was (minorly) skeptical due to all of the questions that arose on here. But I knew if Dan posted it, the organization and raffle were properly vetted.
Mr. (Rabbi?) Sacketts’ timely and informative responses have been very helpful. Let’s stop all of the nitpicking and just be thankful that an organization like this exists.
I’m in.
With the exception of one uncalled for negative comment, there is no reason not to nitpick. This was an advertisement for a raffle of which the outcome may not be all that it seems to one who doesn’t do their due diligence. The sale/winning of the raffle are loaded with T&C. As your payments for the raffle tickets are not tax deductible by US law as by any other raffle, and this wasn’t a posting just for collecting for a tzedakah, I don’t see how this is different than asking about the details as one might by any other item Dan posts a deal for.
I got recipt from “am yisroel chai foundation” ( note there is an ‘o’ instead of an ‘a’ in the word israel). Is this OK? Did I fall into a scam.