2007 HGTV Dream Home
12-09-2006, 08:59 AM
#1
I feel the need...
Thread Starter
2007 HGTV Dream Home
Wouldn't that be cool if someone from A'zine won! As an avid skiier/snowboarder I wouldn't mind winning.
12-09-2006, 09:08 AM
#2
But I would have no problem leaving Motown for Colorado and being a full-time ski bum. 
12-09-2006, 10:00 AM
#5
Administrator Alumnus
Very nice.
But isn't that considered "income" and therefore you'd be responsible for federal and state taxes? Have fun paying those.
And I bet property taxes are a bitch too.
But isn't that considered "income" and therefore you'd be responsible for federal and state taxes? Have fun paying those.
And I bet property taxes are a bitch too.
12-09-2006, 11:50 AM
#6
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Originally Posted by Scrib
Very nice.
But isn't that considered "income" and therefore you'd be responsible for federal and state taxes? Have fun paying those.
And I bet property taxes are a bitch too.
But isn't that considered "income" and therefore you'd be responsible for federal and state taxes? Have fun paying those.
And I bet property taxes are a bitch too.
Yeah absolutely. I think I made that comment in the thread last year.
You'd need to mortgage the property just to pay the taxes on it.
No thanks.
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12-09-2006, 07:14 PM
#8
Senior Moderator
Id like to win it for sure
12-09-2006, 07:20 PM
#9
Administrator Alumnus
Originally Posted by mrsteve
Yeah absolutely. I think I made that comment in the thread last year.
You'd need to mortgage the property just to pay the taxes on it.
No thanks.
You'd need to mortgage the property just to pay the taxes on it.
No thanks.
A total prize of over $2.5 million.
That puts you in the 35% bracket for federal. So you'd owe roughly $875,000.
4.6% state tax --->> $115,000
That's $990,000 in taxes.
Like you said, NO THANKS!
12-09-2006, 07:39 PM
#10
I feel the need...
Thread Starter
^^ I think HGTV throws in $250,000 to help defray the tax hit.
If you really want to keep it, just think of it sorta like buying your dream home at Costco.
If you really want to keep it, just think of it sorta like buying your dream home at Costco.
12-09-2006, 07:59 PM
#11
Administrator Alumnus
Originally Posted by Fibonacci
^^ I think HGTV throws in $250,000 to help defray the tax hit.
If you really want to keep it, just think of it sorta like buying your dream home at Costco.
If you really want to keep it, just think of it sorta like buying your dream home at Costco.
You still have to pay taxes on that!!! Any way you cut it, you're looking at almost $1M in taxes.
12-09-2006, 08:06 PM
#12
I feel the need...
Thread Starter
Originally Posted by Scrib
You still have to pay taxes on that!!! Any way you cut it, you're looking at almost $1M in taxes.
Ya, but it's still an appreciating asset that you are purchasing at a 65% discount!
You can either choose to resell it or keep it. Personally, I would probably keep it since I love the mountains, outdoors, skiing/snowboarding...
12-09-2006, 08:11 PM
#13
Administrator Alumnus
Originally Posted by Fibonacci
Ya, but it's still an appreciating asset that you are purchasing at a 65% discount!
You can either choose to resell it or keep it. Personally, I would probably keep it since I love the mountains, outdoors, skiing/snowboarding...
You can either choose to resell it or keep it. Personally, I would probably keep it since I love the mountains, outdoors, skiing/snowboarding...
Ya, but how many people can afford this type of an asset? $10 and my right nut the winner can't afford the tax burden.
12-09-2006, 08:14 PM
#14
I feel the need...
Thread Starter
^^ Agreed, for most folks who win - they can't afford to pay the taxes, so they end up selling. BUT, depending on what they resell the home for, they still pocket a nice chunk of dough. So it's not exactly like winning is a curse.
12-09-2006, 08:59 PM
#15
If you have a house, and sell it, and purchase another, doesn't the tax or something like that transfer over? I know my aunt sold a house she had in NH and bought one on the cape so they wouldn't have to pay taxes or something...
Either way, WTF... How can they give away a 2.5 Million dollar house and not through in the final 30ish%... Bastards. Plus... can anyone who watches HDTV really afford to do anything other than take advice on how to make their shit box look better on a budget?
Mike
Either way, WTF... How can they give away a 2.5 Million dollar house and not through in the final 30ish%... Bastards. Plus... can anyone who watches HDTV really afford to do anything other than take advice on how to make their shit box look better on a budget?
Mike
12-09-2006, 10:00 PM
#16
I think the people who won it last year, stayed in it for a little while, then had to see because of the taxes.
01-08-2007, 04:47 PM
#17
Senior Moderator
I saw that in the news, they couldn't afford living in the house and HAD to sell.... actually, I think they were in some deep shit with taxes because the house was difficult to sell.
Originally Posted by jupitersolo
I think the people who won it last year, stayed in it for a little while, then had to see because of the taxes.
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