whats the taxes on the hgtv win

C

carmenisa22

New member
was just wondering the house is worth over 1.5 million they are giviing 500,000 and a new 35,000 jeep. im just wondering whats the taxes on this. lol it seems like alot but if we were to win this i would defintley wanna be prepared for the taxes. will u even have any money left after u pay taxes on everything lol?
 
is it even worth it to win since u have so much taxes to pay lol? can u actually sell the house pay the taxes on it and then get the profits for the house since u basically own it that way you can buy a cheaper house somewhere u would actually live like i would buy it in virginia where im from and just pay the taxes on the money and the car. but if u make money off the house u will have a good enough money left over i assume.
 
Add 1.5 million to what you make and figure your tax bracket. it will be quite a bit Im sure. And dont insult HGTV their giving away a GMC Terrain not a jeep.. LOL sorry I dont like Jeeps.. And they are giving you 500,000 cash that should about cover the taxes anyhow. So yes its worth winning.
 
I worry about winning something like that that we could never afford the property taxes and such on and not being able to unload it in this economy.

Even though they are giving you $500,000 to defray taxes, you will still have to report that as income and add that into the whole configuration to figure out what taxes would come to.
 
These are all problems I could learn to live with. If you are that worried about it stop entering and give me a better chance. LOL
 
I don't understand - if you're given $50,000 to defray the taxes, don't you have to pay taxes on the $50,000 too?
 
Please people, if you dont think you could swing paying the taxes on the prize,then dont enter it. Let people that want to win it have a shot at it. I hope that if the person who wins should turn it down, that the sponsor will select another winner. I know some sweeps dont, and thats a shame, but it is also a shame for someone to enter when they know it could pose more problems for them should they win it. It's no problem for me, i would be happy to give them all the cash, i just need the house or any house as long as the walls are sturdy and i am not dodging bullets. :laughing:
 
I agree with the replies! If you don't think you can afford it, don't enter! Plus I can't stand when people enter stuff to just win it and sell it. (sorry those!) I hope whoever wins wants to keep this house! It is bad A, and I'd so pack my stuff and move to NM! I don't know anyone there, even better! LOL :headbang:
 
If anyone is entering and planning on keeping it be sure to check on what the property taxes will be per year for that area for that size house.

These were the yearly taxes on I believe the 2006 house:

"The Chicago family who won, moved to Tyler and tried to make a go of it; but the $600K/year in property taxes and upkeep has become too much, so they went to an auctioneer to avoid foreclosure."
 
Well I have been entering every year. Guess I'm A glutton for punishment lol.Hopefully could unload the thing and pay off my mortgage with some of the cash that WAS left.It's a nice house in a nice warm place but would just like to keep my broken down farm and maybe fix up a bit since our wood furnace motor just went out which is our sole supply of heat.And the snow and ice is working on our gutter's and we basicaly have a dirt path for driveway now after the winter.Nothing is free lol for sure Uncle Sam is gonna get his chunk one way or the other.I just need a small chunk of the Cheese! :laughing: Good Luck to everyone who is entering.
 
I want to win it. I would not move there, but maybe stay there on vacation for 2 weeks and then sell it.
 
I dont care how much tax I just so wanna house that has a bathroom you can take a bath and feel clean. Not so in my awful bathroom. Oh just a new house. WOW what a dream. I am trying along with the other 35 million. I so hope I win. I wanna move. My hood is scary. I love HGTV and all about the shows. I dream of nice clean new floors and sleek kitchen it has. Being optimistic but if I win I hope New Mexico has a lotto so I can win the lottery to pay the taxes. ROFL I can dream with the best of them. I watched the whole last winners show where they drove up to Kentucky and told Them. She would be like me. Ran out barefoot in sheer joy. Course I would be jumping and clapping and oh well. Someone will have it. I hope I entered at the exact right time.
I promise I would give my present home to some young couple that is homeless and needing it. Would that be a tax deduction? Idea for others?:sunny: If I win I worry about taxes later. LOL update missed last day down to enter net down. ARGHHHHH
 
I could never imagine paying $600,000 per year in taxes, community dues, etc. There's no way in heck we could afford to live in that house, and there hasn't been a winner yet that could. It's definitely a sell or go bankrupt. I'd much rather take the profit and build a realistic beautiful house paid in full. :headbang:
 
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