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Luv,Luv the condo,luv everything about it,can see us in there, "am I the dreamer"? LOL

BUT did anyone know how winning this will effect you If you win?

1. you pay all fees and taxes,etc....
2 there is NO extra money for the closing costs or anything else
3. you can get a buyout for $750.000
4 they can then resell the condo for a little over 1,000000?

I would luv to own this,but my only option would be to take a buyout LMAO,of course "IF" I win? hummm(FAT CHANCE) snicker,snicker

whomever wins actually loses something in the process,
BUT thats buisness sadly

in reality the place would be a gold mine, to rent out when the owners aren't there and bank the profitts?
sigh, to be rich?

AND dispite ALL this? this gal still enters?
LOL
I'll take what I can get

yeah I am a silly gal ha ha

This message has been edited. Last edited by: CC-IMO,

Talk about looking a gift horse in the mouth.

This is no gift. I read that so far, in all the years of giveaway homes, only one person has ever lived in the home they won, and that was for only a few days before they sold it. Not many people have the money to 'win' this item. You have to pay the taxes before you take occupancy.

you are so right
I read the rules and I was flabbergasted
the dream home gives the winner so much in Cash(at least that what I read} and a car?

if someone wins the best option is to take a buy out?

with that HGTV gets it money back and a profit too?

WOW
thats one way to make a profit

This message has been edited. Last edited by: CC-IMO,

quote:

Originally posted by Soosie:
This is no gift. I read that so far, in all the years of giveaway homes, only one person has ever lived in the home they won, and that was for only a few days before they sold it. Not many people have the money to 'win' this item. You have to pay the taxes before you take occupancy.

If you take the cash option or sell the home right away, it is a gift. Zero investment and nice net payout, after paying state/f.ederal income taxes. What's not to like?

IMO, these prize homes were never expected to be kept or occupied by the winner. They are a fabulous promotional showcase for the developer and the sponsors. Not that there is anything wrong with that.

geeshhhhhhhh that takes all the fun out of winning


(loudly sighing LOL)

BTW:

my youngest brother is a tax accountant and he says yes it is taxable to take the buyout,the money is taken out before you receive it AND it has to be reported on your tax return (:

FYI at this point I'd take what I could get

Yes, you have to pay the taxes on the cash too, before you take it. That is a fact. And the car, and everything else. Most people can't do it.

This is not my understanding of how and when to pay taxes on sweepstakes prizes:

Prizes, whether cash or products/services, are considered taxable income. You are only obligated to pay taxes when you receive a prize. So if you are notified of a win, but it never arrives, you do not need to pay tax on it. If you are notified in 2012 that you have won a new car, for example, but you don’t actually get your hands on it until 2013, the taxes are due for the 2013 tax year, or by April 15, 2014.

The ARV of the 2012 Urban Oasis cash prize option is $750,000. That's what you get IN LIEU of taking title to the condo. You pay income taxes on $750,000, not the $900,000 ARV of the condo.

You also do NOT pay taxes before receiving the cash. A 1099 form will be issued by the sponsor. Taxes on prizes are paid on your tax forms at the end of the year, just like your regular salary. They are listed as other income and paid at your normal tax rate. It is possible that your prize wins could bump you up into the next tax bracket.

If anyone can show that is is incorrect, please let me know.

This message has been edited. Last edited by: aychihuahua,

When Urban Oasis Miami first aired I was happy to see that HGTV had hired a new designer. Well that was short lived. I hated every stick of furniture in the condo. It reminded me of movies like Scarface.I love contemporary but this stuff looked cheap. All the chrome and white leather looked like a rich h**ker or a *rug *ealer lived there. But of course that's just MHO.

quote:

Originally posted by Charles D:
When Urban Oasis Miami first aired I was happy to see that HGTV had hired a new designer. Well that was short lived. I hated every stick of furniture in the condo. It reminded me of movies like Scarface.I love contemporary but this stuff looked cheap. All the chrome and white leather looked like a rich h**ker or a *rug *ealer lived there. But of course that's just MHO.

So are you entering or not?

Do you think Paramount Bay would mind a yard sale in front of the lobby?

quote:

Originally posted by Charles D:
Do you think Paramount Bay would mind a yard sale in front of the lobby?

LOL

aychihuahua

(Quote)The ARV of the 2012 Urban Oasis cash prize option is $750,000. That's what you get IN LIEU of taking title to the condo. You pay income taxes on $750,000, not the $900,000 ARV of the condo.

You also do NOT pay taxes before receiving the cash. A 1099 form will be issued by the sponsor. Taxes on prizes are paid on your tax forms at the end of the year, just like your regular salary. They are listed as other income and paid at your normal tax rate. It is possible that your prize wins could bump you up into the next tax bracket.

If anyone can show that is is incorrect, please let me know.[/QUOTE]

You are soooo right,imagine doing your taxes on that?
guess as with everything else, its a great way to profit, the sponsers actually gain, and profit at the same time?

Oh charlesD I can't go to your yard sale,
LOL can't afford even that, sadly

This message has been edited. Last edited by: CC-IMO,

Wow, thought I was the only one (or one of very few, anyway) with that opinion of the interior decorating.

I'd probably hold an Urban Oasis CL sale - much like the Miami-area homeowner who dumped all the cheap Ikea crap David B. used in his home.

JMHO.

I don't know every fact that has been listed here on winning prizes; however, I do know for sure that if and when you win, say, $100K on a TV show, the IRS is waiting in the wings to collect the tax. That comes first.

But if you are right and I am wrong, good for you. I really don't care either way.

Charles D and tsr-res, I am SO glad you posted. I am seeing the condo for the first time and had exactly the same reaction. I love modern/contemporary, and the views are exquisite. But I absolutely HATED the "cheap hotel decorator" look throughout that place, especially the horrid stained floors and the shiny white non-functional panels bolted to the walls.

quote:

You also do NOT pay taxes before receiving the cash. A 1099 form will be issued by the sponsor. Taxes on prizes are paid on your tax forms at the end of the year, just like your regular salary. They are listed as other income and paid at your normal tax rate. It is possible that your prize wins could bump you up into the next tax bracket.

But if you owe taxes and you have not paid enough periodically they will charge you a penalty for every day that you are past due. So in reality the tax is due on the date the income is received.

It is best to consult a tax pro. on this.

You're correct, Soosie. IIRC, prize money is subject to bonus withholding at a flat rate of 25%. That's withheld from the prize money before transmitting it to the recipient. (States with income tax may also impose bonus withholding at a flat rate.) Any additional tax (or refund) is then calculated on the recipients income tax return for the end of the year.

Although taxes must be paid on a quarterly basis (or via sufficient withholding) to avoid penalties, metwo, exceptions to the penalty are available. Because prize money typically results in a higher than normal income to the recipient for that single year, taxpayers may utilize an exception to the penalty requiring that they paid 100% of the prior year's income tax on at least a quarterly basis.

Hope that makes sense to everyone. BTW, we all should have the problem of that additional income tax on the prize money, right?

Had to laugh at something, ACWhite, during this year's Urban Oasis program. They shot that scene at a Miami gallery and selected some artwork. IIRC, they placed one of the paintings in the hallway outside the powder room, i.e. bathroom, door. Yeah, yeah, perhaps that was the optimal place for that particular piece of artwork but couldn't help but chuckle after the buildup at the gallery.

Incidentally, the above tax info's all from memory so it's JMHO. Suffice it to say - yes, the IRS receives payment upfront.

Good luck to all, if you're submitting UO entries!

This message has been edited. Last edited by: SurfNow,

quote:

Hope that makes sense to everyone. BTW, we all should have the problem of that additional income tax on the prize money, right?

Incidentally, the above tax info's all from memory so it's JMHO. Suffice it to say - yes, the IRS receives payment upfront.

Good luck to all, if you're submitting UO entries!

thats pretty much what my brother stated;
you are very accurate Soosie
Thank You

yes this foolish gal is still entering,
LMAO, if I were to win they'd have to pick up off the floor, never won anything too big in my life (sigh)

Good luck to all who enter

This message has been edited. Last edited by: CC-IMO,

I'm not Soosie but thanks, anyway, CC-IMO.

Good Luck!

quote:

Originally posted by tsr-res:
I'm not Soosie but thanks, anyway, CC-IMO.

Good Luck!

sorry tsr-res "me bad " LOL

quote:

Originally posted by Charles D:
Do you think Paramount Bay would mind a yard sale in front of the lobby?

Interesting- I agree with you- I don't really care for her designs. Vern tends to OVERSTUFF his rooms so I too was glad they choose someone else - but then they let Linda oversee.

What do you think about the open shower?

This message has been edited. Last edited by: professorc,

This is the closest I can get. I am trying to respond to last nite's program from Prague and the family that moved from Atlanta, Ga. to do their job there. It seems as their children are still lonely for Atlanta. We have a way they can keep in touch by video with their friends. They can be a GUEST at http://MeetLivevideo.com We have a big convention in Prague toward the end of this month. I think you did a beautiful job on showing us that city.

again read the rules and was appalled to find out people can mail as many entrys as they want,so asking what is the use of going on line twice a day as allowed? when the odds are so slim to win? someone can mail in a zillion mail entries and win way over us computer entrys
there are some sweepstake places that only allow 2 entrys mailed per day, now thats fair
oh well my chamces are nil anyway LOL
but dumb me keeps entering
LMAO

This message has been edited. Last edited by: CC-IMO,