Message Boards

Guidelines

  • Please be sure posts are category appropriate.
  • No off-topic or off-color postings.
  • Postings may be deleted at the discretion of HGTV Moderators.
  • No advertising is allowed.
  • Be Nice. No name calling, personal attacks or flaming.
  • Certain words will trigger moderation of the post. These words mostly cover political and religious topics, which are OFF the topics covered by HGTV.
  • For general message board help, click the tab labeled "Tools," and choose "Help" from the dropdown menu.
Full Guidelines
Go
New
Find
Notify
Tools
Reply
  
the easy math Sign In/Join 
Picture of DaVinnie
posted
"Total ARV of Grand Prize is $2,089,400.00 if Grand Prize Winner takes title to the HGTV Dream Home or $1,377,000.00 if Grand Prize Winner selects the Cash Option in lieu."

So you either you pay state and federal taxes on $1.377,000.00 and end up close to 1 mil, or keep the house and and pay State and Federal and local property taxes, plus HOA fees, on 2,089,400.00.

It does come with one year social membership to the country club.


**** Fear knocks at the door****
********Faith answers********
******And no one is there******

<*><*>Proud Member of The Chatter Fingers<*><*>

 
Posts: 1343 | Location: Illinois | Registered: Feb 01, 2005Reply With QuoteReport This Post
Picture of JSB
posted Hide Post
Wonder how hot the real estate market is in the Tahoe area.

Would it be worth taking the house for vacations during the summer & then sell before taxes are due?


............ (")
................ (")

................ (")
............ (")

We're goin' on a Bear Hunt.
We're going to catch a Big One
I'm not afraid!

 
Posts: 1039 | Location: New Joisey | Registered: Mar 21, 2007Reply With QuoteReport This Post
Picture of nursejudy
posted Hide Post
Good information DaVinnie


*****Catch the Excitement*****
******Dreams and happiness to all my MB friends******
~ ~ ♥ ~ ~♥ ~ ~♥~~♥~~♥~~♥
a flapjaw and a Sheltie collector avatar fan
Real Friends Believe in Your Dreams
 
Posts: 5662 | Location: Whittier, California | Registered: Mar 23, 2005Reply With QuoteReport This Post
posted Hide Post
In an area with state income tax, you'll end up with more like $700,000.

If you sell the house for what HGTV says it's worth, after paying the taxes you'll net about $1,100,000. I think I'd be willing to do the extra "work" for the extra $400,000.
 
Posts: 748 | Registered: Jan 02, 2005Reply With QuoteReport This Post
Picture of JSB
posted Hide Post
Additional $400,000 to offset the risk of not selling in 2014 and needing to take a hefty short term loan.


............ (")
................ (")

................ (")
............ (")

We're goin' on a Bear Hunt.
We're going to catch a Big One
I'm not afraid!

 
Posts: 1039 | Location: New Joisey | Registered: Mar 21, 2007Reply With QuoteReport This Post
Picture of nursejudy
posted Hide Post
Lots of choices


*****Catch the Excitement*****
******Dreams and happiness to all my MB friends******
~ ~ ♥ ~ ~♥ ~ ~♥~~♥~~♥~~♥
a flapjaw and a Sheltie collector avatar fan
Real Friends Believe in Your Dreams
 
Posts: 5662 | Location: Whittier, California | Registered: Mar 23, 2005Reply With QuoteReport This Post
Picture of JSB
posted Hide Post
Would be so fun to have to make those choices. Smile


............ (")
................ (")

................ (")
............ (")

We're goin' on a Bear Hunt.
We're going to catch a Big One
I'm not afraid!

 
Posts: 1039 | Location: New Joisey | Registered: Mar 21, 2007Reply With QuoteReport This Post
posted Hide Post
I wonder if they would let me have a 2 week vacation/stay in the home while taking the cash offering?

I don't want this "dream" home
 
Posts: 16 | Registered: Dec 29, 2013Reply With QuoteReport This Post
Picture of JSB
posted Hide Post
Scoobert,

Many wouldn't want to keep the Dream Homes for personal or financial reasons. That's why HGTV started offering the cash equivalent a few years ago. Unfortunately, I think it's an either/or option. You can either take the house or take the cash prize.

But, I think, if the real estate market is strong in the Tahoe area, you might keep the house to use it for a few weeks and then sell.


............ (")
................ (")

................ (")
............ (")

We're goin' on a Bear Hunt.
We're going to catch a Big One
I'm not afraid!

 
Posts: 1039 | Location: New Joisey | Registered: Mar 21, 2007Reply With QuoteReport This Post
posted Hide Post
quote:
Originally posted by Scoobert:
I wonder if they would let me have a 2 week vacation/stay in the home while taking the cash offering?

That was addressed in previous years, although I am not keen on the exact wording.
Insurance must be provided before an overnight stay, along with 1099 tax documents and transfer of LLC document on the property/home, or of taking title if that's the way one chooses to go.
 
Posts: 3163 | Location: FL | Registered: Jan 08, 2003Reply With QuoteReport This Post
Picture of nursejudy
posted Hide Post
Like a couple of you, I'd love to have the opportunity to make the choice. Still dreaming


*****Catch the Excitement*****
******Dreams and happiness to all my MB friends******
~ ~ ♥ ~ ~♥ ~ ~♥~~♥~~♥~~♥
a flapjaw and a Sheltie collector avatar fan
Real Friends Believe in Your Dreams
 
Posts: 5662 | Location: Whittier, California | Registered: Mar 23, 2005Reply With QuoteReport This Post
Picture of JSB
posted Hide Post
Right, NJ. Why worry about that until/if/when HGTV came a knockin'.

Meanwhile it's lovely to dream of waking to the sound of the wind in the pines.


............ (")
................ (")

................ (")
............ (")

We're goin' on a Bear Hunt.
We're going to catch a Big One
I'm not afraid!

 
Posts: 1039 | Location: New Joisey | Registered: Mar 21, 2007Reply With QuoteReport This Post
posted Hide Post
Oh, perish the thought of worrying; join the school of hard knocks! (You as winner will have three* days to respond to HGTV.) It's only money :>) Milton, former winner, stated HGTV is very helpful in these matters.

Taxes on the Prize winner's total income is still a popular thread/topic every year. Though the village idiot, I do TurboTax each year. Here on MB, it tells me that hardly anyone does his/her own income tax Form 1040. It is very complex and it needs huge change.
*corrected the response time from the winner to read three days. That seems shorter than years before.

This message has been edited. Last edited by: TangoW,
 
Posts: 3163 | Location: FL | Registered: Jan 08, 2003Reply With QuoteReport This Post
Picture of nursejudy
posted Hide Post
I use to do my own taxes and knew well how to do it, but with so many changes on what can and can not be deducted and new laws, I feel much more competent and relaxed to leave that in the hands of my accountant. If i can fit in the time, I am going to make an effort to get us a ball park figure on the winnings. What many do not know is that federal taxes are layered. You pay different percentages on different levels of your income, plus you have to figure in your earned income, earned interest, any cashed in annuity interest, etc, on top of your winnings.

In the meantime, DREAM, DREAM, DREAM. Hey everyone dream donuts with that coffee as we sit chatting with the dreamers by the fire.


*****Catch the Excitement*****
******Dreams and happiness to all my MB friends******
~ ~ ♥ ~ ~♥ ~ ~♥~~♥~~♥~~♥
a flapjaw and a Sheltie collector avatar fan
Real Friends Believe in Your Dreams
 
Posts: 5662 | Location: Whittier, California | Registered: Mar 23, 2005Reply With QuoteReport This Post
Picture of JSB
posted Hide Post
quote:
Originally posted by TangoW:
Oh, perish the thought of worrying; join the school of hard knocks! (You as winner will have five days to respond to HGTV.) It's only money :>) Milton, former winner, stated HGTV is very helpful in these matters.



I expect it is in HGTV's interest to have a "good" outcome. And that they would provide all the info they can to help the winner to make the best decision about how to proceed.

Call me an optimist...

re: taxes. Guess we are a minority. We use TurboTax to do our own. Some set up in Intuit the first time you use it to establish the right categories. (T-Tax walks you thru this.) After that, easy-peasy.

But then again we do most of our banking, etc electronically so already have e-records. My W-2 is avail online this year. Should be even easier.


............ (")
................ (")

................ (")
............ (")

We're goin' on a Bear Hunt.
We're going to catch a Big One
I'm not afraid!

 
Posts: 1039 | Location: New Joisey | Registered: Mar 21, 2007Reply With QuoteReport This Post
Picture of Mr.Bill
posted Hide Post
I let Moe "Three Fingers" McGurk do my taxes every year and I never have to pay more than three dollars every year! (That's as high as he can count.) Smile


{Proud Member of the Flapjaw Club}
~♥~ ~♥~
 
Posts: 3609 | Location: United States | Registered: Feb 20, 2005Reply With QuoteReport This Post
Picture of nursejudy
posted Hide Post
Well Bill, I think he is the tax man to have if you win.


*****Catch the Excitement*****
******Dreams and happiness to all my MB friends******
~ ~ ♥ ~ ~♥ ~ ~♥~~♥~~♥~~♥
a flapjaw and a Sheltie collector avatar fan
Real Friends Believe in Your Dreams
 
Posts: 5662 | Location: Whittier, California | Registered: Mar 23, 2005Reply With QuoteReport This Post
posted Hide Post
wow, we are getting some good posts on this thread.
CPA would be a great addition to the conversation. I appreciated his particular kind of financial reality, his acumen in a wide area of tax related items. Former winners chest their cards, and I guess I would do the same.
 
Posts: 3163 | Location: FL | Registered: Jan 08, 2003Reply With QuoteReport This Post
Picture of nursejudy
posted Hide Post
CPA did have good TAX info to share.


*****Catch the Excitement*****
******Dreams and happiness to all my MB friends******
~ ~ ♥ ~ ~♥ ~ ~♥~~♥~~♥~~♥
a flapjaw and a Sheltie collector avatar fan
Real Friends Believe in Your Dreams
 
Posts: 5662 | Location: Whittier, California | Registered: Mar 23, 2005Reply With QuoteReport This Post
  Powered by Social Strata