Thursday, January 1, 2009

HGTV Dream Home contest begins!

Every year, I begin my daily entry for the HGTV Dream Home sweepstakes. I'll, admit, however, that there have only been TWO that I've ever really liked. This year, I'd win and I'd immediately sell. It's in Sonoma, California. It's a "green" house and although I appreciate it, the interior is just ugly (to me). The master bedroom is granny smith green. BLECH!

So I was thinking... hmmm... you hear all the talk about all these makeover home shows really just leaving the family screwed because of the tax implications... (Extreme Makeover Home Edition just had a reveal in Keller, Texas) but according to to the IRS, winnings are considered taxable income. So this 2.2 million dollar home will have a $700,000+ tax bill with it. Can you say... freakin OUCH!#! That doesn't even include the property taxes.

The only one I would have fought tooth and nail to keep was the one in Winter Park, Colorado. It was the most beautiful thing. UGH!

Anyway, I'm going to enter every day. :) Why? Because it doesn't cost anything to do it... but you couldn't PAY me to live in California nor would I ever want anything out there.... win and sell.... sure...but in this economy would you want to even risk it? I dunno... but I'm going to enter anyway! :) ha ha

1 comment:

chksngr said...

I heard that part of the "winnings" for EMHE was that they gave the family money to pay the income tax and then the property taxes for two years. I LOVE this house...even the bedroom! tEE HEE!!! Its the moving BACK to California part I'm not so sure about!