Just watched the 2008 HGTV Giveaway and the winner (IMO) acted like she didn't want it. She kept saying she was overwhelmed. I would have been thrilled! So I wonder....is it because she can't afford taxes etc. I know sometimes you have to pay tax on prizes. Maybe its just her personality but she seemed sad and just overall not really happy about it.
HGTV Giveaway
- Thread starter CiaoBella
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It isn't just "sometimes" when you have to pay taxes on prizes. Let's say the prize if valued at $1,000,000. Unless you can come up with the upfront cost of taxes and insurance of more than $300,000 +/_, you won't be keeping that dream house, and in this current market, you might not sell it quickly enough to pay the taxes.
you enter because you could sell the house, and still pocket a good chunk of change. That, and because people don't think about the big hands of gov't extended, waiting impatiently.
Was this the FL Keys house? I remember reading a discussion somewhere about how it wasn't a great floor plan, and the location wasn't going to be as nice in a couple of years when the development got built out.
If the winner can clear $400K or something, that goes a long way toward another dream home that may be a better fit for the winner's needs.
IIRC, all the previous Dream Home winners have sold it within the year because of the tax issue.
If the winner can clear $400K or something, that goes a long way toward another dream home that may be a better fit for the winner's needs.
IIRC, all the previous Dream Home winners have sold it within the year because of the tax issue.
Yep the taxes would stink. Prizes are valued and then taxed like income, this also includes the homes furnishings that are part of the prize package. (ouch) That doesn't include your insurance and annual property taxes on the house. It would cost you a fair amount of money to keep. I'd have the for sale sign up by this morning. But I'd still be thrilled to win.
I agree...I watched and was amazed at how "non-excited" she was and if I had been HGTV, I would have cut the interview short. She was definitely a huge bump-on-the-log!!!! I too would have been "freeking out"! Especially if I lived in Iowa like she did and won a house in the keys!
I am so glad someone else felt this way, what a major disappointment. I don't imagine they will ever give another house away on live TV.