How much do you pay in taxes if you win the HGTV Dream Home?
That’s a total tax bill of more than $900,000, or nearly 40 percent of the total value of the prize package.
And that is likely why so many of the Dream Home contest’s previous winners have either sold their prize home or opted for the lump cash option in the first place..
Is there a winner for the HGTV Dream Home 2020?
Meet the lucky winner of HGTV Dream Home 2020 on Hilton Head Island, South Carolina. Congratulations to Susan O’Gorman of Perry, Georgia; she is the winner of the HGTV® Dream Home 2020 sweepstakes, a grand prize package valued at over $2 million dollars.
Can you sell the HGTV dream home if you win it?
When it became obvious that the people winning its sweepstakes were unable to keep their new digs, HGTV began offering winners a cash option. Most winners now either go that route or sell the houses — often back to their builders, but rarely at full value.
Is HGTV Dream Home Giveaway real?
The HGTV Dream Home Giveaway is an annual sweepstakes from the Scripps Network’s Home and Garden Television channel, which has run since 1997. … In 1998, 2.5 million entries were received, but the 2016 HGTV Dream Home winner’s name was chosen from among 127 million entries!
What happens when you win HGTV Dream Home?
Every Dream Home winner so far has done the same thing with their windfall: they either sold it or accepted a cash option instead of taking possession of the home.
What is the cash option for the HGTV Dream Home?
In lieu of taking title to the HGTV Dream Home 2021 (and the contents of the HGTV Dream Home 2021), the Grand Prize Winner will have the option of receiving Seven Hundred and Fifty Thousand Dollars ($750,000) in cash (the “Cash Option”).