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

Responses: 428

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I will thank God first!

If I won the house I will thank God first. I want everyone to know God will not give you something you can't afford. You is supposed to leave everything in his hands and he will take care of taxes and other bills you have. I believe in God and I am going to keep praying that I win. It's never too late.
—Guest Godsentme!!2012

Rocky Mountain Girl

Born and raised in the Rockies - rural south Salt Lake area. Heber Valley was annually a promise after a day's hard work. We would head for the hot spas and some gourmet foot-long hotdogs. Especially enjoyable after Mom (a former lifeguard) and Dad would have competitions on the diving board. The fact that they were raising nine kids ensured a built-in audience and a great time for all. I've never been to Sundance Festival, but there's always room for a new tradition and great times ahead. Thank you HGTV for proof that dreams still do and can come true, no matter your age!
—Guest gyjones

We Will Keep The Home If Possible cont.

Vacation Rental would be the proper term. I am certain that most persons visiting Park City would prefer privacy while vacationing there.
—Guest Cynthia

We Will Keep The House If Possible!

If my husband and I win this home, we will do everything within our power to keep it. Even if we would have to look into a timeshare arrangement, we would still have the opportunity to enjoy it and possibly make a little profit. Afterall, it is a resort town. But before resorting to this, we would try our luck with an entrepreneural dream we have had for some time now so that we could enjoy this home year 'round. We really love everything about this year's Dream Home.
—Guest Cynthia

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

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

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