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

Responses: 339

By

Winner

I would probably live in it while I am trying to sell it ..........it would be a vacation and then buy a house for a quarter of that price and start a small diner. Thanx
—001jc

Its hard to say..

When I win the HGTV dream home I may be forced to take the cash option for obvious reasons (taxes). However, if it is feasible for a middle class family, I would love to make it work and live in this gorgeous home for as long as I can. I imagine living everyday with excitement and joy from all the adventures there are to offer in Park City, Utah. Good luck to everyone! :)
—Guest Angelo

Not a Problem

I agree with Guest RUKiddingme....this would be a high class problem that my husband and I would face head on....such a beautiful home in an even more beautiful location...would do our best to keep it for ourselves, kids and future grandkids. All in God's hands.
—aproblemworthhaving

Cash Option

When I win, I will take the cash option and live below my means.
—Guest DoNotLiveInLaLaLand

This is absolutely my dream home

and I would find a way to make it happen...creative thinking, financial planning, a bit of shuffling and a will to realize the dream can make this a reality.....
—Guest scott

RUKiddingME

Now that's a high class problem that I'm ready to face head-on!
—Guest RUKiddingMe

set up a tax deferred annuity

I like much of the house but many aspects are designed for the designer, not real functionality. I would sell it ASAP and would skip the accountant and straight to a wealth manager. The wealth manager should be able to set up a tax deferred annuity which I would only draw a much smaller annual amount and get taxed at that lower annual rate as I dip into the money. With proper investment it should last several generations unless you try to leave beyond the means of the interest payments.
—Guest michaelmm

LOVE IT AND LEAVE IT

First of all THANK YOU HGTV for the chance at a dream home. I could give you a tear jerker story but won't. I would be bless to win altho i would have to take the money. S.S. Would not allow me to keep the home up. I also though would love to see HGTV build some homes that are affordable for the everyday person. These gorgeous homes are only built for the rich. Who really do not need a home like this. How awesome would it be to build 4 smaller homes people could really keep. Just a thought see you in UTAH :)
—Guest THE WINNER

HAVE TO SELL

Had a lot of heartache this year so we would love to win this home. But on S.S. taxes and up keep would be impossible. But would let us build a smaller home.
—Guest Granny

Pay the Taxes and Keep the House

I would consult with a finance advisor to build a 5-year plan to keep the house. That plan would include prize money and any other funds.
—Guest Firebird

How long would it take to sell?

I could NOT afford the taxes. Do they usually sell quickly? If not, I could not afford to accept it.
—csfla

HGTV Dream Home...just give us the keys!

We are ready to move out of California due to the air qualitly. My husband gets severe sinus infections and the doctors have told him that if he wants to get better, he must move out of California. We have looked at Utah and it is just what the doctor ordered! We would definately keep the home. As for the taxes, God will provide. We know that this would be a blessing from God and we would make it our Dream Home. Winning would give us the chance to enjoy the four seasons! All we will need after we move in is a couple of Four/Wheelers! Thank you HGTV!! Dream Home......here we come!
—shirleyjean61

It's a tough one

I would love to keep the house, since i already live in Utah, but same story previous guess, taxes, maintenance to keep it up would be outrageous. So we would take the cash, plus 500 and the car, we would renovate our present home and be very wise with our money. Of course 10 percent would go to God.:) Good luck everyone and God Bless you.
—Guest Guest me

Dalton Manor

I'd call it Dalton Manor- use the 500,000 & sell the SUV for taxes. Use it for income for hosting weddings, family reunions & parties where I would cater & host...if zoning permitted, otherwise enjoy it for the short time-and probably sell if no business' were permitted. Use the cash to start a similar business venture.
—Guest Jackie

Dream Come True

Even though it is an amazing home if i won I would have to sell it or take the cash option. My family is low income and we get by and live with in our means having this home would be a blessing. But with my babies medical bills and taking care of my family we would have to sell or take cash option. It really is a dream home as it is something I would get to live in my dreams lol.
—Guest niko

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