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

Responses: 428

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Mr

I live in Columbia S.C.i would like to win i enter everyday twice.I have 3years doing the same in every dream home.If i win itake the house the car and the money for sure and with the money i would like to invest buying some houses around and make money at the same time and go back to the house in vacations bring my daddy from puerto rico and give something to him and take care of my family like they take care of me until now.Its gonna be a big change in my life and my family special my beautifull daughter.Good luck for everyone and for me too.thanks HGTV for change lives god bless all
—Guest Carlos Garcia

I would definitely feel blessed :)

To win this home would be the answer to my prayers. My husband and I are in are early 40's and have four children. We've never owned are own home. We would have to sell it, but buy a cheaper home. Keep the furnishings, vehicle and money. What a blessing it would be.
—Guest Cynthia Pemwell

Cash Option!!

Face it this is a DREAM home for most of us working stiffs out here! If your making that kind of bank and can afford to own this baby as your vacation home,congratulations on your success, but stop entering these contests!
—Guest aa2

Its Sad...

To tempt the average person into dreaming on such a large scale, when in fact there is no chance to even keep a property like this. I feel sad in my heart for everyone because the harsh reality makes it easy to buy into something on this scale. Truth be, it would be prudent of HGTV to perhaps target a dream giveaway home toward the average consumer. Im sure you could build a 300-500K home that would be a prize people could actually keep.
—Guest Carolene

Sad :(

I want to win this and have been optimistically entering twice a day. This site has caused a reality check i'm not sure i'm grateful for.
—Guest Dawn

6 of one, half a dozen of the other

If I won this, it would definitely be a major conversation with the hubby who works in the banking industry! Taxes on this home will be quite extensive, but unlike other dream homes from the past, this home is LEED certified, so the upkeep/power bill might not be so bad. We would probably keep it and use as a vacation home that we would use a lot!!!! We are only 350 miles away, so it is a very sensible mileage for a weekend trip, or a long lazy summer :-) This house is gorgeous!
—Guest Lauren

If I won....would I be able to keep it?

YES, I would sell our humble home which is paid for but still very nice. After what the government takes on the $500K and the Denali that we would sell, we should have enough to pay the rest of the taxes. We're in our 60's and 70's with a large extended family! What a wonderful retirement life for 2 of us that love to fish and love to sail! I can just see all the grandkids having a great time!
—Guest A. Weller

Trying to be prepared

How soon after you win do you have to pay the taxes on the home and the fees for the vehicle? Is all that money due before you can have ownership? Can you use some of the $500K to pay the taxes and fees.
—Guest Pam

Cash option

Would be so fab to keep home, but reality aims at the cash option for me
—Guest Nuwanda

How I would pay the taxes!

Using the $500K/Denali (after taxes) still will go a long ways towards paying the tax bill. However, it helps that we have the best CPA that specializing in real estate. Still, I would also go to a reputable tax attorney after talking with our banker. We could sell our home that's paid for using our one-time tax exemption to finish paying the taxes. We both just retired and have retirement pensions and S.S. to pay for utilities and taxes. Both my husband and I love to fish and we love the ocean. It would be a dream retirement and a vacation home for all the kids and grandkids!!!! Awwwwww!
—Guest The Real NellyWelly

Dreams vs Reality

I am one of many who have never won anything in their lives and won't believe it's true till it happens to me (or someone close to me). I was going onto HGTV's website to enter my family for the 'Dream Home Giveaway' when I realized that maybe it's just a scam. So I stopped the entry form, opened a new window on my browser and searched "do people ever really win houses and cars?". I found your article and I'm amazed that the answer is yes. But I will never really truly believe it until I see it myself, and understandably so. In our country these days, times are hard and these sweepstakes are just a piece of a dream that keeps folks like myself going sometimes... to think that just maybe I could actually win something is worth the few minutes of time it takes to enter (and risk it being just a scam). Some things will always be too.good to believe. Thanks for allowing me to share my thoughts.
—Guest Kimberly B.

surprise at how little people know

the taxes on the hgtv house would be over 800k rule of thumb is 40% of face value
—Guest jack

Never sell it

I would never sell the house. The dream of having such a beautiful home in a wonderful location would keep me from selling it. I would rent it out and take the income to help pay the taxes. The house would stay in my family for years and years.
—Guest My home

Honest

I would turn it into my dream, owning my own business. I would make it a family B&B with a daycare in the garage for parents who wanted alone time. Certified in childcare management
—Guest Heather

Cash Out!

I will take the cash and build the exact replica of the Dream Home in the Philippines. It'll be much cheaper and I'll have enough left over money for everything else.
—Guest My instinct said "this is it"

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