wendyinoc_IHB
New member
Would you really want to win this in our current housing market? I would assume you would still have to pay the tax for the prize. What if you could not sell it??
HGTV Dream Home
- Thread starter wendyinoc_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
ElricSeven_IHB
New member
I think your taxes would likely adjust up or down based on the sales price. Just auction it off.
fumbling_IHB
New member
If you win it, you get a house free and clear without actually paying for it, right? Let's say the appraised value is $1,000,000 and you'd just pay 1/3 in federal income taxes and take over the property taxes. As long as you could sell it for more than you paid in federal income tax, say above $400,000 you'd be okay. It would be hard to imagine a dream home losing that much value.
alan_IHB
New member
I'd love to win this puppy. I wouldn't worry about the taxes.
Because (not to give away personal info) my options are:
1) If I'm wealthy enough .. pay the taxes outright
2) Get a heloc on it to pay the taxes then repay heloc over 10 years
3) When Im not using it, I'd list it on vrbo.com and rent it out to pay the taxes and upkeep.
Because (not to give away personal info) my options are:
1) If I'm wealthy enough .. pay the taxes outright
2) Get a heloc on it to pay the taxes then repay heloc over 10 years
3) When Im not using it, I'd list it on vrbo.com and rent it out to pay the taxes and upkeep.