1. Home
Send to a Friend via Email

Discuss in my forum

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

Responses: 428

By

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

How Would You Pay the Taxes on the HGTV

I think I'd try a time share option before I'd sell it. The area would be perfect for that and I think it would support it and make a profit.
—Guest Scott

Use the cash and sell our existing home

Also Maybe if HGTV were to make the cash portion of the prize sufficient to pay the state and federal tax and first years property taxes it could work. I would still really love to win this dream home.
—Guest Wales

Taxes

I calculated the prize tax required and it equals about $450,000. Property taxes are less than $7000 per year. Now the income tax for that first year could be as much as $224000. If not for the income tax it would be doable with the prize money and if you had a decent job to keep and live in this home. As far as the income tax, that could be a deal breaker but it's just one year. Check out tax shelters with Mitt Romney and maybe you could do it.
—yogibliss

Taxes listed online

Unfortunately, I would be forced to take the lump sum cash payment. Selling the home in this economy maybe harder than expected. Especially for a home as expensive as the 2012 HGTV Dream Home. According to some online data, the taxes would be on/around $670-$680 thousand dollars. That is more than they wire to your account in the amount of $500 thousand. But they do offer a cash option instead of taking the home, which, after taxes leaves someone with approximently $620 - $630 thousand dollars. Additionally, you could not rent out the home for income as the developer of the home doesn't allow short term rental of the property. It's a restriction on the property. So either come up with an additional $170- $180 thousand dollars to cover taxes or take the cash option. Just keep that in mind if you win. Good luck to everyone.
—Guest GMB

Love to Be close to Family

In 2001, we followed God's call & moved to Ohio (my husband is a Worship Pastor). My Dad & his new wife & family live near Provo, my Grandma & many relatives live in Washington state. Most all of the rest of our family (including my other eighty-something Grandma) live in Arizona. I'm hoping & praying that the season has come, for us to live closer to family. We would use the cash provided to pay taxes & make it work :)
—Guest Cindy

dream home

I would be thrilled to win a Dream Home....I would spend 1 year vacationing in it and sharing it with my friends and family..spread the wealth for all to enjoy!!!! I know it would have to be sold because I couldnt maintain the expenses associated with it, and I also wouldnt want to move away from my family and friends. This would be quite a windfall and with some careful planning it could change my life financially for the best forever.
—Guest Robin Donohue

This would be a dream come true

We would definitely live there and raise our 2 children still at home. We have an older son who moved out to Utah who works at a local ski resort and he's homesick and we miss him soooo much. This would be a beautiful gift for all of us. My husband and I would get our home based business up and running and we would enjoy all the perks that this wonderful home and town would allow. What a dream come true!!!
—Sforant

Dont know,

Since you cant rent it out, turn in into a B&B, or reverse the mortgage ( winner tried who won the TYler Tx home and was told NO CAN DO so they had to sell.) I dont know what I would do to pay the taxes, Marry a rich man? hire a good tax lawyer! take ona second and third job? MOst likely sell it, there are buyers on a waiting list and then build within my price range.
—tsboss

Dream

It has always been goal to be near as we can be to Park City. So far we are 45 min away, this would be a game hanger for us. Would seek as much advice as possible to see if we could make it work for our young family!
—Guest Our goal is Lark City

My "Dream" Home Sweet Home

I will tell you the house is a beauty, HGTV I don't understand the logic in building a dream home, if it only remains a dream.... For 1 home you could build 2, 3 even 4 dream homes, people would love to own!!!! though I would try everything to hold on to this lovely home, Reverse mortgage, rent it out two or three months out of the year just to pay the taxes... The dream of owning something so precious, having my children grow up in a community with many options and opportunities... Not to mention a wonderful place to invite the entire family to spend their vacation... Who could ask for more!!!! My Dream Home, vacation home, rental property in one. Ski enthusiasts identify Park City as one of the most accessible and well-known ski destinations in the world, others consider the name "Park City" synonymous with the Sundance Film Festival. I'll take it, and if I can't swing it, sell and invest!!!
—michelledk55

Taking It!

The house is so amazing and beautiful that I would definitely try to live in it as long as possible until running out of money. I hope to live in for at least a few years before selling it for a smaller house hopefully in the same area.
—Guest Katie

Share Your Opinion

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

Receive a one-time notification when your response is published.

©2014 About.com. All rights reserved.