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. Cashing out on the HGTV Dream Home
HGTV Dream Home
The HGTV Dream Home is the American cable network Home & Garden Television's annual project house and sweepstakes, held since 1997. The sweepstakes commences with a January 1 television special showcasing the fully furnished, custom-built home valued in excess of one million dollars; viewers are invited to enter online. The 2012 contest drew over 81 million entries.
Full Answer
When will HGTV announce dream home winner?
Viewers can witness her reaction to the ambush and the home itself by watching the HGTV Dream Home Giveaway Special premiering Friday, May 25 at 1 p.m. ET on HGTV.
Does HGTV really give away a house?
Every year, HGTV gives away a fantastic house as the grand prize in the HGTV Dream Home Sweepstakes. This once-in-a-lifetime prize, which includes a custom-built or lovingly-renovated home in a fabulous location as well as landscaping, furnishings, cash, a vehicle, and more, is usually worth well over a million dollars.
Who won the HGTV Dream Home Giveaway?
The winner of the home will receive the brand-new home ... “With over 25 years of HGTV Dream Homes and more than a billion sweepstakes entries, our home giveaway is a well-established annual event that viewers love,” said Jane Latman, president ...
When does HGTV announce winner?
The winner is then notified, usually by an ambush-style announcement where representatives of the Scripps Networks show up at the winner's home, place of business, or family gathering. However, winners can also be notified by registered mail.
Can you sell the HGTV Dream Home if you win it?
If the winner chooses this option, they receive the associated prizes like the vehicles, cash, and furnishings, but HGTV retains the rights to the house. Usually, they sell the home to a private bidder.
How much taxes do you have to pay if you win the HGTV Dream Home?
A: They will still owe the $950,000 income tax (federal and state) on the ARV. If they sold the DH for $1,900,000, then there would be no additional tax. Anything they sell the DH for over $1,900,000 (after selling costs) will be taxed as a short term capital gain at 35% federal and 8.25% state.
What really happens when you win the HGTV Dream Home?
To celebrate the 25th anniversary of HGTV's Dream Home giveaway, the popular cable network is sparing no expense. Not only will the winner receive a sprawling 3,300-square-foot seaside house 10 minutes from Newport, Rhode Island, he or she will get a $250,000 mortgage and a brand new motor home.
How do taxes work if you win the HGTV Dream Home?
Santo said the winner also has to pay income tax. According to HGTV, the grand prize includes the fully furnished house, plus $50,000 cash, valued at a total of about $684,000. Santo says the winner will be taxed at the top federal rate of 37 percent. Add on state taxes, and they'll owe between $238,000 - $266,000.
Can anyone afford to keep the HGTV Dream Home?
The HGTV Dream Home is one of the most anticipated reveals of the entire year. Every fall, the network announces a new location for this fantasy property and then encourages viewers to enter for their chance to win.
Does the HGTV home come furnished?
Do homeowners on HGTV shows get to keep the furniture? Speaking of inside the home, many viewers swoon over the final layouts. But here's the kicker: More often than not, the homes are staged, meaning the homeowners don't get to keep the furniture and decor that's shown on TV.
Does the Omaze house come furnished?
Is the house furnished? Yes. Furniture, appliances and tech are all included.
Has the HGTV winner been notified 2022?
NEW YORK, April 21, 2022 /PRNewswire/ -- HGTV today announced the winner of the HGTV® Dream Home 2022 is Karey Wolstenholm of Overland Park, Kansas.
How can I avoid paying taxes on prizes?
5 ways to avoid taxes on lottery winningsConsider lump-sum vs. annuity payments. ... Charitable donations. Donating some of the lottery money to charity will reduce your tax bill when you're a big winner. ... Gambling losses. ... Other deductions. ... Hire a tax professional.
What are the odds of winning the HGTV Dream Home 2020?
By entering every day online, you bring your odds of winning from "impossible" to one in 1.36 million. Not great, but if you lose, you haven't lost anything except the brief time it takes to fill out and submit an entry form.
Do you have to pay tax if you win a house?
You are taxed on anything you win, whether it's a prize or cash. Taxes are payable on any winnings at the federal and state levels. Most tangible prizes like cars and homes are taxed at their fair market value.
How many people have won Dream Homes?
Of the 21 people who’ve won Dream Homes over the years, only six, or about 28 percent, actually lived in their home for more than a year. The vast majority either took the cash alternative or sold the house back to the developer within a year of winning.
Who won the 2014 Dream Home?
2014 Dream Home winner Laura Martin, far left, with her husband and two of her children at the Lake Tahoe home. Courtesy of Laura Martin.
How much is the dream home?
The Dream Home grand prize—typically $250,000 in cash, a car, and sometimes a boat, in addition to the home itself, usually valued at $1 million or more—comes with a federal income-tax bill of about $700,000, according to an analysis by Vocativ, plus state income and real-estate taxes that vary by location. The cash alternative, on the other hand, ...
Where is the first dream home on HGTV?
Feb 16, 2018. In 1997, HGTV’s very first Dream Home, a charming log house crafted of Nordic pine and overlooking the Grand Tetons in Jackson Hole, Wyoming, launched a series of fantasy abodes, each just a little more impressive than the last. The network has debuted a new Dream Home every year since, ...
Who is the third person to everwin a dream home?
The third person to everwin a Dream Home, Belinda Brown of Kingston, Tennessee, tried to rent out her Rosemary Beach, Florida, retreat to cover the cost of taxes but ended up owing the IRS almost $300,000. She sold it after 2 years.
Does Scripps want to be in real estate?
“Scripps did not want to be in real estate business,” he says.
What Is the HGTV Dream Home Giveaway?
The HGTV Dream Home Giveaway is an annual sweepstakes from the Scripps Network's Home and Garden Television channel, which has run since 1997. Every year, HGTV uses a series of HGTV Dream Home television specials to showcase a gorgeous new home that their experts have built, then give it away.
How to Enter and Win the HGTV Dream Home Giveaway
If you want to know when the HGTV Dream Home Giveaway starts, look for an announcement toward the end of each year. Rules can change from year to year, but here are some tips on how it usually works.
How the HGTV Dream Home Is Built
HGTV's experts scour America for the right setting for each year's Dream Home. Previous year's homes have included beach getaways like the 2016 Dream Home in Merritt Island, Florida, a luxurious farmhouse in Sonoma, California, a mountain retreat in Stowe, Vermont, and many other dream locations.
What Do Dream Home Sweepstakes Winners Receive?
Each year's HGTV Dream Home Sweepstakes winner receives the home itself, all of the artwork and furnishings inside the home, a big cash prize, and a new vehicle. Sometimes, additional prizes, like a doggie dream homefor pets or a new boat for waterfront properties, are also included.
Take Note: Even If You Win the Dream Home, You Probably Won't Live In It
For many people who dream of winning the HGTV Dream Home, finding out that you probably won't be taking up residence in its luxurious halls is a disappointment.
Tour Previous HGTV Dream Homes
Want to know what the big deal about the HGTV Dream Homes is and why so many people want to win one of these amazing homes? Here are photo tours of many of the beautiful homes that have been given away so far:
Who won the HGTV Dream Home?
One of those winners was actually Don Cruz.
What is the HGTV Dream Home Giveaway?
Millions of contestants enter each year for the chance to win HGTV's Dream Home Giveaway, a stunning prize that includes a designer-curated home, a car, sometimes a boat, and hundreds of thousands in cash. The sweepstakes began in 1997 with a gorgeous log cabin that was imported from Finland ...
Can you win a Smart Home Giveaway?
Speaking of those sponsors, one interesting factoid we came across in the Smart Home Giveaway rules was that basically anyone associated with any of the brands featured in the sweepstakes is ineligible to win. The rules list the corporate sponsors and even bar "employees and members of their households, whether or not related, and immediate families (spouses, parents, siblings, children and each of their respective spouses regardless of where they reside)."
Who won the 2008 lottery?
There was a ton of buzz around 2008 winner Stephanie Dee 's reaction, or lack thereof, when HGTV host Lauren Lake surprised her live on the air with the grand prize. Dee could barely maintain eye contact with Lake throughout the cringe-worthy five minute exchange that literally ended with Dee barely mouthing the words "thank you" after Lake announced her new status as "a mom turned millionaire." In fairness, Dee did confess that she was "overwhelmed" by the ambush, but her demeanor was more like a person waiting for a door-to-door salesman to leave than someone who basically just won the lottery.
Who will be your first houseguest?
Uncle Sam will be your first houseguest. HGTV. Everyone knows that with a huge cash prize like the lottery, the government will be waiting with its hand out. Winning HGTV's Dream Home Giveaway is no different. In fact, the television network spells this out clearly in the sweepstakes rules for its Smart Home Giveaway, ...
Who won the 1998 HGTv?
That was Tina Carlson, the 1998 winner, who sold her coastal South Carolina bungalow after "her parents got too old to travel and couldn't come as often as they'd like," according to HGTV spokesman Emily Yarborough, who spoke with The Press Democrat.
Does HGTV expect people to keep their house?
HGTV doesn't even expect people to keep the house. HGTV. Most people who are wealthy enough to cover a $1 million tax bill at the drop of a hat probably aren't sitting around entering sweepstakes drawings. And if they are, shame on them.
The “Reality” of Reality Home Television
What’s The Problem with Dream Homes, Anyway?
- Taxes, mostly. Since the winnings are considered income, Uncle Sam wants his cut. And often, so does the state in which the property is located, as do other local jurisdictions which may have taxing authority. If you’re lucky enough to win an HGTV Dream Home, you’ll be responsible for federal income taxes on the value of the property or improvements, plus state income tax, depen…
A Snapshot of Past Winners
- The 2007 winner actually ended up declaring bankruptcy, in part because he couldn’t afford the $2.5 million Texas mansion he won, though not for lack of effort. He listed the place for $5.5 million, but after it went into foreclosure it sold for $1.43 million – $1 million less than the local real estate community said it was worth. The 2008 winner would have had to pay sales tax of ro…