I'd love a boat too, but that's the wrong type, and color! That would just be added into my cash stash and like the house, would be valued by me and my CPA at whatever fair market value was determined by the sale rather than the pie-in-the-sky DIY claims. I added the $25,000 for the value of "used furniture" because the owner probably sold that separately since the real estate listing says nothing about the house being sold furnished.
So, yeah, you're right in the ballpark - a straight 40% off for federal taxes and closing costs would leave $375,000 for the winner minus whatever their state may collect for income tax; I don't remember what state the winner was from.
Like you indicated, better than a poke in the eye!
I've seen similar covers on inground propane tanks, except they are usually painted to blend better with landscaping. Maybe fire code requires red in Idaho.
In the 62 year period of record keeping there were 134 tornados in the Austin area, or just over two per year; in the past ten years there have been only five so regardless of what the Weather Channel does to makes things look worse to improve their viewership, the facts say different. Those statistics, by the way, count every incident within thirty miles. Within ten miles of Austin there have only been five in the last fifteen years, all zero or one on the force scale (fajitas are something else entirely, but very good in Austin).
Feel free to build a safe room if you're the lucky winner, I think the house is just fine the way it is.
There was no indication in the listing that any contents of the house were included, so taxes would have been due on about $625,000. Depending on the tax rate, if any, in the winner's home state and the winner's other income, netting only $360k sounds low, but still pretty good as was said above for a zero cash investment.
I think your concern is misplaced. Since 1953 fewer than 100 people in Austin have been injured by tornadoes, there were three fatalities. Austin is classified as a moderate risk area.
Austin is classified as moderate risk. In the past 62 years, fewer than 100 people have been injured by tornadoes with three fatalities. I wonder what the figures are for car crashes? Don't let facts interfere with a good rant.
Plus the boat, plus the cash and plus the furniture and furnishings.
Hmmm...Batboat, Easter Basket or the Great Pumpkin? Maybe...none of the above. Maybe I'm just too old to appreciate the colors MasterCraft wants to promote. It is interesting though, to go on their website and build one in the colors you like.,
You shouldn't allow yourself to be bothered by nonsense you hear.
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Thingamajig