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Hgtv kitchen sweepstakes 2015

hgtv kitchen sweepstakes 2015

Kathy ODell have gone with the safe route: the cash option.
The entries pour in, and come spring, tweetsie promo code 2017 a winner is revealed.
As its spokeswoman Emily Yarborough put it, Our vision of the dream is that it enables you to do what you want.Heres what officials from the channel said to John Groszkiewicz the first time he toured his 2003 Dream Home: They told us the dreams not so much the house.Theyre beyond spacious and jam-packed with all manner of conveniences.Its a tempting fantasy, but it turns out the reality is not quite as dreamy as it seems.This years prize is in Merritt Island, Florida, and boasts waterfront access, an amazing pool, a modern European kitchen, and vibrant coastal decor throughout.And for every year you own the home, youll be responsible for property taxes and all the myriad costs associated with insuring and keeping up a house.Winning it often brings a host of complicated financial decisions, but there is certainly a reason why its called a dream homebecause its a damn nice house.But hgtv also maintains its about more than the house.She told us that because sweepstakes wins (whether theyre cash or objects like cars and houses) are considered income, you have to pay income tax on them.She ended up owing close to 300,000 to the IRS and had to sell the house.Even if you could pay for your new Dream Home, that doesnt mean you really want to live.We met great people, we gave hundreds of free tours, we had a blast.

It even comes with its own doggy dream house built to match the big house.
While most people sold the Dream Home, there are a few notable exceptions.
But even with the added stresses that come from lading the Dream Home, the winners have felt it was well worth. .
This years winner has already been chosen, and as internet rumors suggested, Dave and Meg Rennie of Huntington, Connecticut, are the lucky winners.That means that winning a large amount of money like that moves you right up into the highest tax bracket, and heres what she says it all means for your wallet: The tax hit from winning a home or car is especially brutal since you.She said, I cried and gave.And indeed many of the winners have used whats left after the sale and taxes to upgrade their existing homes, build themselves their own dream home, help their families out, or travel.But the majority of the winners have had better luck, opting to vacation a few times at the home (might as well!And if you lived in Connecticut or Colorado, would you really want to uproot your entire life and move to Florida?After the initial flush of being ambushed by a camera crew and told your whole life is going to change, youll have to get down to brass tacks and decide if you can afford the whole shebang.Belinda Brown, winner of the 1999 contest, took the house and tried to rent it out to cover the taxes, but she couldnt make enough money.

Not a single winner of Dream Homes past has ever lived in the state where the house was built.