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Readers Respond: How Would You Pay the Taxes on the HGTV Dream Home?

Responses: 428

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Reverse Mortgage

I think that's a great idea. Darn! Why didn't I think of that!
—Guest Matt B

what a beauty

I would to love to own that house. But would need to consult with a financial advisor.
—Guest timothy doyle

paying taxes on a dream home

I would announce that the home is available for use for photographers & models to rent. Cooking, home economics, & comedian presentations.
—Guest Staasia

dream home

poor older person here, probably nagotiate or sell or Gosh I would ask for help!!
—Guest gloria

Taxes ??

I'd sell my house pay the taxes and live in it for 2 years and one day then sell it tax free.
—Guest David

how topay taxes

beg -4- money from bank, put it up for sale, the pay my older home off... isn't that the best way, when u can't afford to live in the beautiful home... think i would just set down and cry, then be on my way, to live with in what i have
—Guest dorothy

this would be a blessing

This would be a blessing for us . My husband and I are raising three of our grandchildren , which has been tough but there is alot of love .I would have to sell this dream to make sure all three will get to further their education ...that would be another blessing because we would move from an apartment into our own home . We do need the money and the car .
—teauila

Cash Please!!!

To go from $0 to $1,500,000 for filling out a entry form is not too bad. I'm not greedy, I just want to build my dream home in Delaware were property taxes are less than $4000 per year. I understand that you would probably get more by selling house the house but I am not interested in the hassle if I can help it.
—Guest Dee

Can't keep it

Based on plugging the ARV into Turbotax, the taxes would be $870,000. Sorry, but $500,000 in cash doesn't come close to covering that. If you take the cash option, you end up with about $960,000 after taxes. Not bad...
—Guest Brian

Definitely a keeper!!!!!

Winning this home would be such a blessing. We would be so much closer to our children, grandchildren and parents. I would pay the taxes with the cash winnings and finance the rest. I'm sure the note would be around what we are paying now. I am praying that the good Lord will bless us with this beautiful home. HGTV you are so kind to do this every year. I know there are many people and companies involved for such a magnificent prize to be given away....thanks to all of you for your talent and time that goes into this every year. I am dreaming of winning the 2013 Dream home. Good luck to everyone.
—Guest Cindy

cash option foolish imo

In regards to the 2013 dream home, I think it would be foolish to take the cash option. Why not take the home and then take a mortgage to pay the IRS taxes? At least you would have a $1.7 million home rather than the Cash option which is 1 million. You are leaving $700k on the table. Total Value of the Grand Prize is $2,253,565 if Grand Prize Winner takes title to the HGTV Dream Home or $1,553,565 if Grand Prize Winner selects the Cash Option.
—Guest Andipanda

Why not take a mortgage for the taxes?

Perhaps the IRS would accept installments made over the first year. Either way, why not take a mortgage for the $800k, using the house as collateral? You'd have monthly payments of approx $6k/mo, which you could pay with the $500k in cash. Then sell the house...you could live in it until it sells (or not)...even if it takes 1-2 years to sell, you can keep up with monthly payments easily. You've got $500k and mortgage payments would cost $60k per year, plus property taxes of abt 10-24 depending whether its your primary residence. Of course, a CPA with real estate and tax expertise should be your first investment. Why hasn't anyone done that? I can't see any downside to it or improbabilities either. Good luck to all.
—Guest JSA

Blessing of hope

My husband and I agreed if we won we would have to sell but would still feel blessed to have money to possibly buy back our dream home we built ourselves that was foreclosed on last year due to unfortunate circumstances. We pray that Gods will be done. Whoever wins, hopefully it will be a blessing and not a curse!!
—Guest Sadie

TAXE'S

NO ONE HAS A CLUE HERE IM 54 ON DISABILITY SOCIAL SECURITY THERE ARE ALOT OF PEOPLE LIKE ME HOPING FOR ADREAM TO COME TRUE ON A $1200.00 DOLLAR A MONT IN COME ON THIS INCOME COUN'T AFFORD TO STAY IN A HOUSE LIKE THIS FOR A MONTH UTILITY'S OR IF ANYTHING BROKE SO THIS DREAM HOUSE IS REALLY A RICH PERSON'S DREAM
—Guest JERALD58

Taxes

Hgtv 2013 ( I was sincerely thinking if I won what would I do. ) I have always loved Billy Graham Evangelical Association; located in the Carolina's. I would like to discuss a business deal with the Group involving Bible workshops and youth groups to meet and use it as a tax deduction as well as an outreach
—Guest Darleen

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How Would You Pay the Taxes on the HGTV Dream Home?

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