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Old 04-24-2009, 07:51 PM
 
140 posts, read 377,087 times
Reputation: 66
Quote:
Originally Posted by T. Damon View Post
I don't think that ANY of the winners in the past dozen years have actually been able to afford the house that they won and all had to sell within a couple of years.

Be careful for what you wish for...
I agree. Sounds more like an HGTV nightmare - overpriced house and taxes, taxes, taxes.
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Old 04-24-2009, 08:05 PM
 
140 posts, read 377,087 times
Reputation: 66
Quote:
Originally Posted by momof2dfw View Post
They do want to win. Problem is they don't realize that ANYTHING and EVERYTHING they win they MUST pay taxes on it and when it comes to actual real property......... property taxes on it. HGTV is not building thrown together shacks w/ no indoor plumbing. They are building "dream homes" w/ all of the latest trends and FULLY FURNISHED (yes, they have to pay taxes on the furnishings as well). HGTV has advisors for the winners to help them understand all of this. But this family was deadset thinking they could just pack up the brown paper bag and move on down and set up home. Not realizing that in the areas they build these homes you can't turn the house into a boarding house or such to try and earn money to afford to live there. Now these people lost this house to foreclosure AND in the last news report from a year ago were in the process of getting their house in Chicago that they had when the "won" foreclosed on.

On all of these game shows on tv when someone wins a car.............. unless they have the money sitting in the bank to pay Uncle Sam the taxes on it they are going to have to sell the car to pay the taxes. Then they can keep the remainder. If you win a $25K car your going to have to cough up about $10-12K in taxes right off the bat. No payment schedules or anything. Same goes for the lottery. Reason why most people if they were not smart about money before they won...... they end up losing it all in a matter of years and filing bankruptcy.

I also don't think people consider the cost of maintaining some of these HGTV 'dream' homes. A Lake Lure type of home is more for high income or wealthy - those people who most likely don't enter the contest.
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Old 01-23-2011, 07:55 AM
 
1 posts, read 799 times
Reputation: 10
In the 2011 HGTV dreamhome sweepstakes the rules state you have the option of taking a cash prize instead of the house and amenities = 1.2 million cash instead of 2 million total value of home etc.
This would give you enough cash to pay the taxes (600,000) and still have 600,00 left.
If you take the house you could have a tax liability of up to 1 million!!!
Most of us don't have THAT laying around.
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