- I would like to think that my boyfriend and I could pull our resources together and afford this place. I would love to think that my boys could grow up in such a beautiful house after spending much of there lives sharing a bedroom in a small rented house in a small dumpy town! This would be a dream come true. I would work my tail off just to keep finances flowing through that house if I had to do it on my own even!!!
- —Guest jkoontz7
- If you rent a property you pay taxes for that income also, so why not make it simple, 1- you can opt for the cash option and the car, paying the taxes for the money and the car or you take the house ,the cash and the car, live it for a few months and selling it. Any way it is an awesome, wonderfull thing,and you don't need to make any investment.
Financially Responsible Behavior
- I've already researched the skill sets of CPAs in my hometown to assist me in decisions if I were to win this. As much as I'd be caught up in the emotional thrill of winning, I can dream now and still plan ahead for taxes, revenue options from the home, and other decisions. I am definitely ready for the ultimate dream of my life to come true.
- —Guest Donna
- I'd love to win it, would try my hardest to keep it for a while, at least a few years, but I'd love to see HGTV NEVER build at a HOA site again. That ruins it. Those places are freedom killers.
- —Guest mejustme
Can't know if you don't try
- It would be amazing to win and there is also a cash prize that could help initially with taxes? And who knows, the ski dorm might be able to bring in some good revenue, i'd say give it a shot and enjoy it while it lasts.
- —Guest dreamer
I'm not sure what I would do?
- I've been entering everymorning for the Dream Home Sweepstakes however I might not be realistic. If a person has to take out a second mortgage just for the taxes, I don't know if it is even worth it? If I did win, Of course it would be very exciting however I would have to think everything through with the taxes. Does anyone know the exact amount of taxes that would be owed?
- —Guest Heidi
Dream home reality
- It's unfortunate. All of these discussions. I have been entering for a while, and it seems that the reality of all this is the same. You really just won't be able to afford to keep it. The way things are today. If I was to win it, I would have to sell. again like everyone here. Shame really. I would like to think that HGTV is starting to read some of these and maybe put a little something in there to help with all of this. If it is a dream home, then well dreams come free with no hidden costs attached. Or at least give you lets say 3 years of tax free living.
- —Guest Mark
Hire a professional!
- I'd hire a tax attorney who specializes in creative ways to afford life! Most respondents here are resigned to selling, but I'd do my best to hang on to that prize money, put off paying the IRS for as long as possible, and figure out how to keep the house. I've seen indicators here that the Stowe house taxes are $24,000. That's higher than my home in a Chicago suburb; kind of scary. Still, I love love love the Stowe house. I'd look at every angle before just giving back such a rare asset.
- —Guest Fantasy Dream Home Owner
Fantasy vs. Reality
- My FANTASY sees me enjoying the Stowe gem with my family & friends for as long as possible: cooking for everyone, making s'mores in the fireplace by the hot tub, watching movies in the family room after a day of skiing, enjoying morning coffee with my hubby on the deck . . . The REALITY--something I prefer to ignore--is vague since the total cost of the entire prize hasn't been detailed (e.g: monthly association fees? taxes on total prize? can house be rented; if so, for how much?). I suspect owning this home is out of my reach, but man is it ever fun to imagine entertaining in this gorgeous mountain nest! Until my name is drawn, I'll continue with the FANTASY of the prize, ignoring the REALITY entirely. I'm entirely thankful to HGTV for providing so many people the opportunity to dream so far beyond our own imaginings!
- —Guest Stowe Dreamer
- I WOULD TRY TO KEEP IT. I WAS A SINGLE MOTHER OF 5 CHILDREN THAT ARE ALL GROWN UP NOW. I HAVE NEVER OWNED A HOUSE BUT I HAVE A DAUGHTER IN LAW THAT HAS MANAGED RESTURANTS BEFORE SO I WOULD TRY TO START A B&B TO PAY THE TAXES.
- —Guest R ROGERS
I would sell...
- If I had the means to keep the house, believe me I would. Unfortunately it is too much, house for me and my husband to afford it. We both work in an export company of heavy machinery as shipping consultants, it does not provide much to afford that house. So I would sell it. Even after paying all the taxes you still have money leftover to buy a decent more affordable home for yourself. I pray to God that we get this wonderful opportunity.
- —Guest tillithy hoaping big
Think about it!
- Everyone is talking about the tax on the home right... what about the $500,000 and the GMC. You do have to pay tax on the house, the cash, and the vehicle. Whomever is to win... the logical thing to do is take the $650,000 instead of the house. So you'd end up with a little more than $700,000 and an Acadia Denali after you pay the tax. The house isn't worth the headache.
- —Guest Josh
you know what
- i would love to have the house even if its high.yah people hgtv
- —Guest tasaha
It's all good
- I would work and try to pay the taxes. Making about 100,000 a year one could probably do it. A good tax adviser/lawyer consult would be prudent.
- —Guest julie
Not enough cash for taxes
- According to this web site http://www.bankrate.com/brm/news/advice/20020520b.asp $500,000 will not be enough to pay the fed tax on the house prize. Its worth over 2 million. Fed tax on 1 million would be aprox 359,000. I would take the cash and car and walk away with about 600,000 after fed and California tax. Buy modest house here free and clear.