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Started By
Message
HGTV Dream Home...
Posted on 1/6/11 at 8:40 am
Posted on 1/6/11 at 8:40 am
If you win it and all the prizes
Home 2 mil
GMC Denali
High end appliances
$500k cash
How much taxes would you have to pay to keep it?
Home 2 mil
GMC Denali
High end appliances
$500k cash
How much taxes would you have to pay to keep it?
4
Posted on 1/6/11 at 8:43 am to LSUPIMPRGB
Usually lotto winners give at least half to Uncle Sam. I would think it would be the same here.
Posted on 1/6/11 at 8:44 am to LSUPIMPRGB
quote:
cash
How much taxes would you have to pay to keep it?
quote:might cover it with a good tax attorney.
$500k cash
Posted on 1/6/11 at 8:47 am to LSUPIMPRGB
quote:
How much taxes would you have to pay to keep it?
quote:
$500k cash
Posted on 1/6/11 at 8:54 am to LSUPIMPRGB
And good luck paying the property tax bill every year.
Posted on 1/6/11 at 9:06 am to Haughton99
quote:
And good luck paying the property tax bill every year.
Bingo. If you are not a millionaire before winning I just don't see how you can justify keeping the house.
Posted on 1/6/11 at 9:43 am to I Love Bama
quote:
Bingo. If you are not a millionaire before winning I just don't see how you can justify keeping the house.
It's probably similar to a normal house note + property taxes.
Posted on 1/6/11 at 9:45 am to TheHiddenFlask
I have heard that the past homes have utility bills at around $1,000 a month. No telling what property taxes are and upkeep?
I guess what I am saying is the average person making 50k a year can't afford to keep this house.
I guess what I am saying is the average person making 50k a year can't afford to keep this house.
Posted on 1/6/11 at 9:50 am to I Love Bama
Where is the home located?
Posted on 1/6/11 at 9:53 am to C
Posted on 1/6/11 at 10:05 am to I Love Bama
you have to rent it out.
Posted on 1/6/11 at 11:56 am to barry
they used to have a winner's journal online - looked like none of the winners keep the home. sell it to pay prize taxes.
Posted on 1/6/11 at 12:51 pm to barry
quote:
you have to rent it out.
Yep...googled Stowe, VT vacation rentals and came up with this for a somewhat similar property:
LINK
quote:
R a t e s *
Summer (May1 - Oct31) $490/night
Foliage (Sept24 - Oct18) $540/night
Winter (Nov1 - Apr30) $750/night
Winter Holidays check holiday dates $900/night
Posted on 1/6/11 at 1:00 pm to Bubba Bexley
per wiki:
quote:
Most of the Dream Home winners have sold their prizes[citation needed], largely because of the accompanying tax bills, and as of 2006[citation needed], only two winners had lived in their houses.2005 Lake Tyler winner Don Cruz initially planned to keep the house after having his plan to rent out the Dockhouse and Master Bedroom Suite on a nightly basis rejected by the City of Tyler; however, he decided to sell after receiving tax forms showing the house had a higher value than he originally thought.
Posted on 1/6/11 at 1:18 pm to Coon
probably depends on location. with this one being in a high end resort area, I'd think renting could be a viable option.
also looks like there is an easier option:
LINK
also looks like there is an easier option:
LINK
quote:
Total ARV of Grand Prize is $2,051,120 if Grand Prize Winner takes title to the HGTV Dream Home or $1,201,120 if Grand Prize selects the cash option in lieu of taking title to the HGTV Dream Home.
This post was edited on 1/6/11 at 1:34 pm
Posted on 1/7/11 at 6:51 am to Bubba Bexley
I'll take the cash, thanks.
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