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| HGTV Dream Home 2022 |
Every Dream House winner so far has done the same thing with their windfall. They sold it or received a cash option instead of taking ownership of the house. Cashing in on HGTV Dream Home prizes is the easiest way to deal with the taxes.
Tax . The estimated federal income tax bill on the $2.3 million prize package Fulkerson won would be about $789,140, according to Mark Luscombe, principal analyst at Wolters Kluwer Tax & Accounting.
According to Country Living, of the 21 people who have won HGTV dream homes throughout the history of the contest, only six have lived in the home for more than a year. That's a measly 28% of the winners.
The HGTV Dream House Prize is an annual raffle of the Scripps Network's Home and Garden Television channel, which was launched in 1997. Since its 1997 conception, the HGTV Dream House Sweepstakes has grown to become one of America's largest and most popular prizes.
Winners of the HGTV Dream Home Sweepstakes each year receive the house itself, all of the art and furnishings in the house, a large cash prize, and a new vehicle. Sometimes, additional gifts, such as a dog's dream house for a pet or a new boat for a waterfront property, are also included.
What are the chances of winning HGTV Dream Home?
Almost every year, more HGTV Dream Home winners face more competition than the previous year. By logging in daily online, you will bring your chances of winning to one in 1.36 million.
How much tax do I have to pay if I win a house?
If you win a house in a contest, consult a tax professional for guidance. Winning a house in a contest might push you into the 25 percent marginal tax rate. On the $200,000 house won in the contest, you will owe an additional $50,000 in federal income taxes ($200,000 x 25 = $50,000).
How big is the 2022 HGTV Dream House?
At 3,300 square feet, this home has four bedrooms, three full bathrooms, and two half bathrooms. The high ceilings and open floor plan further maximize the property's living space.
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