Do you think that the taxes on the 2 million dollar HGTV Dream Home are so high that you hesitate to enter? If you won would you sell right away, or would you keep the house and try to find a way to make it work? Give your opinions here! Share Your Opinion
This chance would be Life Changing
- I'd accept the reality that keeping up with such a large and expensive home is beyond my means. Sadly, I'd have to sell it .. However, I'd be beyond grateful to finally have my own vehicle and the ability to purchase a home of my own for a better life for my children and myself.
- —Guest BrokeMom
Once in a liftime
- since I am 71, raised a large family, been on the poor side a time or two, just winning would be an answer to prayers, selling the home would have to be the option to choose, but the trip there would make it all worthwhile. There are more plus than minus with this Dream Home. The furnishings, money and the vehicle is a great bonus. May I get the chance to live this dream.
- —Guest Arizona wildflower
It would be a dream!
- It would be exciting to win. Of course there are taxes, but it would still be so exciting. I would enjoy it while the moment lasted. I would love to stay and live in it, but like most people I would have to sell it in the long run.
- —Guest Me
I'm going for it!
- I think that the chance to vacation in the dream home, keep the furnishings I like, get a new car, AND get the money when I sell the house is definitely worth the hassle of paying taxes!
- —Guest Julie
- How about a reverse mortgage wherein the bank purchases the property from you with the terms that they pay (and deduct) the first year taxes and figure the subsequent tax and insurance deductions into the amortization payments. Meanwhile you own and use the home for the duration of the mortgage and have an income.
- —Guest Richard
paying taxes on a dream home
- I would announce that the home is available for use for photographers & models to rent. Cooking, home economics, & comedian presentations.
- —Guest Staasia
- poor older person here, probably nagotiate or sell or Gosh I would ask for help!!
- —Guest gloria
- I'd sell my house pay the taxes and live in it for 2 years and one day then sell it tax free.
- —Guest David
how topay taxes
- beg -4- money from bank, put it up for sale, the pay my older home off... isn't that the best way, when u can't afford to live in the beautiful home... think i would just set down and cry, then be on my way, to live with in what i have
- —Guest dorothy
this would be a blessing
- This would be a blessing for us . My husband and I are raising three of our grandchildren , which has been tough but there is alot of love .I would have to sell this dream to make sure all three will get to further their education ...that would be another blessing because we would move from an apartment into our own home . We do need the money and the car .
- To go from $0 to $1,500,000 for filling out a entry form is not too bad. I'm not greedy, I just want to build my dream home in Delaware were property taxes are less than $4000 per year. I understand that you would probably get more by selling house the house but I am not interested in the hassle if I can help it.
- —Guest Dee
Can't keep it
- Based on plugging the ARV into Turbotax, the taxes would be $870,000. Sorry, but $500,000 in cash doesn't come close to covering that. If you take the cash option, you end up with about $960,000 after taxes. Not bad...
- —Guest Brian
Definitely a keeper!!!!!
- Winning this home would be such a blessing. We would be so much closer to our children, grandchildren and parents. I would pay the taxes with the cash winnings and finance the rest. I'm sure the note would be around what we are paying now. I am praying that the good Lord will bless us with this beautiful home. HGTV you are so kind to do this every year. I know there are many people and companies involved for such a magnificent prize to be given away....thanks to all of you for your talent and time that goes into this every year. I am dreaming of winning the 2013 Dream home. Good luck to everyone.
- —Guest Cindy
cash option foolish imo
- In regards to the 2013 dream home, I think it would be foolish to take the cash option. Why not take the home and then take a mortgage to pay the IRS taxes? At least you would have a $1.7 million home rather than the Cash option which is 1 million. You are leaving $700k on the table. Total Value of the Grand Prize is $2,253,565 if Grand Prize Winner takes title to the HGTV Dream Home or $1,553,565 if Grand Prize Winner selects the Cash Option.
- —Guest Andipanda
Why not take a mortgage for the taxes?
- Perhaps the IRS would accept installments made over the first year. Either way, why not take a mortgage for the $800k, using the house as collateral? You'd have monthly payments of approx $6k/mo, which you could pay with the $500k in cash. Then sell the house...you could live in it until it sells (or not)...even if it takes 1-2 years to sell, you can keep up with monthly payments easily. You've got $500k and mortgage payments would cost $60k per year, plus property taxes of abt 10-24 depending whether its your primary residence. Of course, a CPA with real estate and tax expertise should be your first investment. Why hasn't anyone done that? I can't see any downside to it or improbabilities either. Good luck to all.
- —Guest JSA
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