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Scripps is offering a renovated home in Waldoboro, Maine prize in their DIY sweepstakes that ends on 28 September. Be prepared to deal with taxes, as the prize doesn't have a cash option or any cash to accompany the home to help pay taxes.
Maine's income tax is 8.5%; the Fed rate could be back to near 40% in January.
Good luck.

Where's Waldo...boro?

20 miles west of Camden, Maine, and thus not on the ocean.
1300 population.

Anyone know anything about the value of this renovation or last year's?
I am hesitant to enter since I don't know anything about the renovations' contractors or reliability of the DIY project. Is this home really worth $699,000?
With Maine's 8.5% and the expected 39.6% Fed tax, the prize added to one's own income in 2012 would mean tax total of nearly $400K, April 15, 2013.
Could the winner move this home into the real estate market with an enthusiastic outlook?
There were only 9 million entries in 2011, versus 50M+ for the Dream Home 2012.

Tango,
I really loves the views it offers from the living room and it uses alot of repurposing. It is cute, but i still can not fiqure out if it has a powder room downstairs as the original powder room wa combined with the laundry room to make a craft area. Anyone know?

State income tax is based on state of residence so unless the winner happens to reside in Maine already, they will pay whatever tax their home state imposes. Even if the total federal and state is 50% that would still leave after a sale about $350,000 for the winner. It is also possible the taxes would not be payable until 2014 if the transfer does not take place until after the first of the year.

Thanks, Chuck.
Also, Maine might have a Fed tax offset that could reduce Maine tax.
I am guessing Scripps will put the LLC title in transfer in tax year 2012?

Where is Waldoboro? is a question that rings loud.
It's a great idea venue for DIY. They did it again. They enjoyed some significant donor help from different sources.
As for the renovation itself, I enjoy this type of opportunity, but the restrictions on an 1880's home are considerable and provide many challenges.
This still looks to me like a white elephant, but with future equity down the road. There are tens of acres that come with the prize; the lake shore is a delightful plus. Perhaps this is the basis of the 700K prize valuation.
I am not finding that this spellS hurrah for the now-finished dwelling. The sq footage is listed at both 2500 and 3300. The air conditioning is installed in two or three rooms, no central HVAC. The barn is not regarded as a garage; has no electric, no road paving to it from the home. The well and septic are typical of a country setting. Cows ' likely an option, but moose comes with a hunting permit.
Yet there are pluses, upgrades.
There is charm, there is snow, there are black flies, there is Maine.
IMHO, equity in the area, location, distance to basic needs are important issues. Exposure and confirmation from realtor advisors are still not items I can find for one to enter the Sweeps, to take on a win of this amount of tax liability and not stress after signing the sweepstakes' docs. Any help?

Someone in lower NE or in NY might like its summer, vacational presence and land equity opportunity?
: Je suis desolais, Je suis le spectator, non entrante.

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

Those are all really good thoughts and questions. We will need to continue to look into these areas for answers for better understanding of the options.

I do think they have reused and refurbished much which is a good thing and it is charming and the land have great views. Have either of you heard of a wood burning hot tub? that was a new concept for me.

motherearth.com has some listings on wood-fired tubs.
These soakers are a magnet. :>)
however, referring to caveats...once filled, one must keep the tub water above freezing level; empty it after usage.
Beware of bacterial action which can invade the bronchial/lung area: called hot tub lung disease, it comes on with use of a substitute for good old chlorine sanitation.

Thanks Tango,
I will check it out. Having to empty and refill each time seems like a waste of water.
Take care,
Judy