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

Responses: 428

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would have to sell dreamhome

Just winning the dream home would be the answer to my prayers. Winning would mean ability to take care of my son to pay my debts finish schooling,even at my age.lol And although I would have to sell the dream home it would give me enough money to do all this and by a home more suitable since I can not get around to good. Have no feeling in lower left leg which makes it more difficult to get around. That and my thyroid not working so my size keeps growing makes it where I certainly have not been able to find work. in over 3 years. My kids and I lost everything 3 years ago now am losing my health. So selling hgtvs dream home would be tearful but happy tears, for the chance to still live and take care of self and my 14 year old son to own my house and make that my dream home....
—Kim_M_Roberts

cash flow, no doubt

Since my young wife and I live in the south it would be tempting to keep one of those beautiful homes. However you just can't argue against a case for cash. Easily, you could sell the home or take the cash alternative, pay the taxes from your winnings, and probably build two nice homes for less taxes. I'm not sure why people knock the car included in the giveaway, to me that seems to be the part I would keep!
—Guest moonjelly

Dissappointing

Such a shame... We really need to get laws passed that the IRS can't steal from sweepstakes winners. It's like we live in a communist society... Such a shame... Property taxes- okay. That makes sense. But making people pay because they had a bit of good luck? SO unfair when there are multi billionaires out there who don't pay their taxes and get away with it.
—Guest KC

Home share

Rent out Rooms with contract conditions or share the house, Have some one move in that you trust with their own ideas.
—Guest Debra Tahmasebi

Cash option

I don't think people read the fine print. There's actually a cash option, though you don't get to keep anything... Furniture, car..ect.. You don't end up with the hassle of a huge tax debt and selling the house!! I'd go for the cash option !!! I read the fine print!
—Guest Rgum

blessings

i would take the cash payment for i know my family would not move to that area.i would be thankful to God allowing money to flow my way
—Guest neicy

What a gift!

I would love to win any prize then I would hand it over to my kids who have a much higher income than I do and I could live in the house with them!
—Guest Gerriekay

mr

Make as much money by listing the home then buy a 400k home in cash here in Texas after it sells. By the way that's alot of house and more affordable.
—Guest Eric Carter

Take out a loan against the house

I would check into taking out a loan for the cost of the Taxes owed against it. You could get low payment because the loan would be a lot less than the value of your house and maybe get a little more for the first year of property tax. Its worth trying. Good luck!
—Guest Dollie

Make it a vacation rental.

Fantastic home but not my dream house so here is what I would do. Make this a vacation rental property. Sundance would pay your tax/upkeep. Throw in ski season and you have some serious coin. Hopefuly zoning would not get in the way.
—Guest Jim Graziani

Down Size!

HGTV should choose to down size the prize that they offer. Most of us would be living in a "dream house" if it were a $200,000.00 home!And, why the vehicle? Just give away a "normal" house with nice furniture!!!
—Guest Sharon

Blessings being kept

Oh how it would be nice to give my three young children a place to call home..what's for you is for you and god told me that it's my time...I would keep it and make it work...the team put so much work into the home and I would not change a bit.. My way of keeping the home and paying the taxes is in gods hands because he the only one that can give and take away...and he said it's my time so he will handle that part and take all my families worries away
—Guest Kee5

Truly a dream come true!

I would be delighted to take all the prizes - the home, the $, and the car! Unless my tax-person says it would be foolish for me, I will run not walk to collect all! The location and furnishings of the home are perfect for me and my family. I can hardly wait for the winner to be announced. Good luck one and all!
—NapaChef

Can't wait to be ambushed...

While I have considered this question daily, because like many peole who already posted I am determined to win, I want the house. I want to quit my job and rebuild our lives. So tired of the rut we are in. Financially, winning this prize can be a burden. You get $500,000 but the taxes could be closer to $750,000. So sure you get a new home, but you win more debt. You could lose everything when a tax collector comes knocking. On top of all that I have read the HOA rules and there are rules that I don't really like, like only two vehicles and they have to be parked inside. No more than two pets (cats or dogs) no matter what, no building extra cover without their approval. No motorhome visitors...HOAs for those who want to live the life it looks to promise may find themselves in adversity. But even knowing all that, it would be the answer to my prayers, because good or bad, this win demands a life changing event. What a God send it would be.
—Guest Brady Bunch

When I WIN the Home I plan to...

Go to Utah and have a grand time! Then interview local agencies to see if i want to use this home as a vacation rental and have residual income or take the cash and pay off all my current obligations and live a debt free life. If the rental option would put me in further debt with no cash-flow I would definately take the cash option and live in the new found freedom of NO DEBT. Either way I begin living the dream.
—Guest Jubilee

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

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