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Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 125005  
Subject: Re: Question based on TV show Date: 4/14/2011 11:14 AM
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How the heck does HGTV give away its annual dream home? They are typically valued north of $1m. So the winner has to come up with more than $350k in federal income tax the year he wins it plus whatever state tax he may be subject to. The average viewer probably can't afford the property taxes on the place anyway and would have to give up his job in order to move to wherever it is. Doesn't make a bit of sense.


Enter the Dream Home Sweepstakes – But Don't Fixate on the House

A few have gotten into deep trouble by keeping the house. Taxes, real estate taxes, maintainance and falling real estate prices are a trap for the unwary. The other winnings and selling the house for an after tax profit makes winning the sweepstakes viable, even for those who can't keep it.
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