JorgeJ7
55p22 comments posted · 1 followers · following 0
8 years ago @ HGTV Dreams Happen: Sw... - Enter Now for Your Cha... · 0 replies · +1 points
8 years ago @ HGTV Dreams Happen: Sw... - Enter Now for Your Cha... · 0 replies · +1 points
The biggest concern, I agree with Dale. is that you have to be " Rich " to take possession of this home and live in it or keep it. You could wind up owing your state and / or Uncle Sam around $600K. The exact amount can vary, depending on your State's Income Tax. Hopefully , your State has no State Income Tax at all ! However,I found some good news , Taxwise , if you take the cash option. If you read the link another blogger posted , it seems you come out ahead with a new car, a boat and several thousand dollars where you can still afford to buy a nice home. With Uncle Sam totally paid off . Again the only variable is State Income Tax , where applicable. If I could , I would rather live in the beautiful Dream Home. But if I can't, the cash option is still of " the stuff that dreams are made of " !!! Thanks to HGTV for providing this wonderful option !!! Here is the link http://www.keypolicydata.com/blog-archives/2015/1...
8 years ago @ HGTV Dreams Happen: Sw... - Reliving the Remodel a... · 1 reply · +3 points
I live in Florida, which does not have a State Income Tax. So in my case , I would only liable for Federal Taxes on the value of the prize. However you were right that this is not a Capital Gains Tax. By definition A Capital Gains Tax is on income earned by the sale of some kind property that you own , not by property that you win. My apologies to anyone reading, for my earlier mistake . However , the end result is the same as you stated. You have to pay a tax on the value of the prize as added to your income at your new higher tax bracket 39.6 % for this year. Bottom line is , that such a steep tax that comes with winning a sweepstakes will melt that smile off the face of the winner in a hurry ... What a "JoyKill " !!!
Perhaps we can ask President Obama to issue an Executive Order exempting " HGTV Dream Home Winners " from having to pay these huge taxes on the sweepstakes ????
8 years ago @ HGTV Dreams Happen: Sw... - Reliving the Remodel a... · 4 replies · +1 points
8 years ago @ HGTV Dreams Happen: Sw... - Reliving the Remodel a... · 0 replies · +3 points
8 years ago @ HGTV Dreams Happen: Sw... - Enter Now for Your Cha... · 0 replies · +3 points
8 years ago @ HGTV Dreams Happen: Sw... - Enter Now for Your Cha... · 0 replies · +2 points
8 years ago @ HGTV Dreams Happen: Sw... - Reliving the Remodel a... · 0 replies · +7 points
8 years ago @ HGTV Dreams Happen: Sw... - Reliving the Remodel a... · 0 replies · +5 points
8 years ago @ HGTV Dreams Happen: Sw... - Enter Now for Your Cha... · 5 replies · +6 points