What really happens to HGTV Dream Home winners?
The HGTV Dream Home prize is similar. If you win, you're hit with a heavy tax bill because the IRS treats you as if you had made an extra few million dollars of salary. And that's not all. If you choose to keep the house, it comes with its own costs.
What are the odds of winning HGTV Dream Home?
The 2021 HGTV Dream Home Sweepstakes had around 136 million entries. So your chance of winning is something like 1 in 137 million. Basically zero. Of course, that depends on how many entries you have. If you enter as often as you can for a whole year (there’s usually a 100 entry cap), that’s a 100 in 137 million chance to win! Still basically 0.
How is the winner of HGTV Dream Home notified?
how is the HGTV Dream Home Winner notified? 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.
Who won the house on HGTV?
The latest lucky winner of cable network HGTV’s Dream Home 2019 contest is Beverly Fulkerson, a former preschool teacher from Osgood, Indiana.
Did the 2019 HGTV Winners keep the house?
So three months after winning the Sonoma, Calif., manse, the winner sold it for $2.2 million. The buyer was the builder, who marked it up 10% and resold it. But there was a bright spot – the winner donated the contents of the home, valued at $187,000, to charity.
Has any winner kept the HGTV Dream Home?
Winner of the 2019 HGTV Dream Home: The lucky winner of the 2019 Dream Home was Beverly Fulkerson of Osgood, Indiana.
How are HGTV Dream Home winners notified?
How will you know if you've won? HGTV typically surprises their winners with an "ambush". They recruit friends and family to help set up a surprise announcement, and film the winners' reactions.
Did they pick a winner for the 2022 HGTV Dream Home?
Meet the lucky winner of HGTV Dream Home 2022 in Warren, VT. A huge congratulations to Karey Wolstenholm of Overland Park, KS! She is the winner of the HGTV® Dream Home 2022 sweepstakes, a grand prize package valued at over $2.4 million.
How much do you pay in taxes 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.
How many times did the HGTV Dream Home Winners enter?
And, it seems the winners don't even get to enjoy their dream digs for very long. Country Living reported that by 2018, with over 20 HGTV Dream Home winners crowned, only 28% of the winners actually lived in the home for over a year.
Is there a cash option for the HGTV Dream Home?
In lieu of taking title to the HGTV Smart Home 2022® (and the contents of the HGTV Smart Home 2022®), the Grand Prize Winner will have the option of receiving $600,000 in cash, awarded in the form of an electronic funds transfer (the “Cash Option”).
Where is the 2023 HGTV Dream Home located?
“The backyard is an entertainer's dream with a beautiful pool and pergola, a fire pit, as well as a back deck with multiple seating areas and an outdoor kitchen,” HGTV said in its news release about the house, located along the Cape Fear River in the Castle Hayne area.
Who won the most recent HGTV Dream Home?
Karey WolstenholmDreams do come true. HGTV announced that Karey Wolstenholm of Overland Park is the winner of their “Dream Home” sweepstakes. The grand prize package she and her family will receive is valued at over $2.4 million.
Where will HGTV Dream Home 2022 be?
Discover HGTV® Dream Home 2022, luxurious modern mountain cabin located in Warren, Vermont.
What is the cash option for the 2022 HGTV Dream Home?
In lieu of taking title to the HGTV Smart Home 2022® (and the contents of the HGTV Smart Home 2022®), the Grand Prize Winner will have the option of receiving $600,000 in cash, awarded in the form of an electronic funds transfer (the “Cash Option”).
What happens if you win the HGTV Smart Home?
The prize package, valued at over $1.2 million, includes the brand new, fully furnished home, a 2021 Mercedes-Benz GLC 300 and $100,000 from LendingTree. Eligible entrants can enter twice per day at HGTV.com, where they can also find additional sweepstakes details and the official rules.
Who won the HGTV Smart Home 2021?
Becky DolanMeet the lucky winner of HGTV Smart Home 2021 in Naples, FL. Congratulations to Becky Dolan of Seattle, WA; she is the winner of the HGTV® Smart Home 2021 sweepstakes, a grand prize package valued at over $1.1 million dollars.
Where is the HGTV dream house?
But its real allure is the full-on indoor/outdoor lifestyle it provides. HGTV Dream Home 2019 in Whitefish, Montana. Credit: HGTV.
Where was the Dream Home giveaway located?
Fulkerson said she was first drawn to the annual giveaway in 1998, when the Dream Home was located in Beaufort, South Carolina, and she has been entering ever since.
Where is Brooks' dream home?
When Brooks appeared with a camera crew to tell her that she was the winner of HGTV’s annual Dream Home Giveaway — which included a custom lakefront home in Whitefish, Montana, a 2019 Honda Pilot Elite, and $250,000 from national mortgage lender Quicken Loans — Fulkerson was “in shock.”. Get push notifications with news, features and more.
Who are the stars of Home Town?
WATCH THIS: The Totally Modern Way ‘Home Town’ Stars Ben & Erin Napier Got Discovered
How many bedrooms does the Flynn house have?
The 3,650-square-foot, two-story house, designed by Brian Patrick Flynn boasts three bedrooms, and three and a half baths. But its real allure is the full-on indoor/outdoor lifestyle it provides.
Who won the 2019 HGTV Dream Home?
Beverly Fulkerson, a former preschool teacher, gets the surprise of her life that she is the lucky winner of the HGTV Dream Home Giveaway 2019, a grand prize package valued at over $2.3 million.
When is the Dream Home 2019 giveaway?
Watch the Special. Viewers can witness the entire ambush and the home itself by watching the HGTV Dream Home 2019 Giveaway Special premiering Friday, May 25 at 1 p.m. ET on HGTV. Shop This Look. Powered By: Wayfair.com.
Who was the mother of two on HGTV?
The HGTV production crew reached out to her family to plan the surprise. Beverley was under the impression that she was having a meal with close family, but much to her surprise she was ambushed. Loving Mother of Two. As a mother of two and a grandmother of three, Beverly noted that her family keeps her busy.
Where is the 2019 Dream Home?
The 2019 HGTV Dream Home is located in Whitefish, Montana.
How much was the Fulkerson prize package?
The estimated federal income tax bill on the $2.3 million prize package that Fulkerson won would be about $789,140, according to Mark Luscombe, principal analyst at Wolters Kluwer Tax & Accounting. VIDEO.
How much is the Fulkerson haul worth?
If Fulkerson does choose the cash option from the contest, then her haul would be valued at just more than $1 million, including $750,000 in cash, along with the $250,000 from Rocket Mortgage and the Honda SUV.
Do winners of the lottery take out mortgages?
Since then, some winners have opted for the cash option while others have visited their prize home a few times before selling it to cover their tax bills, according to Country Living, which also notes that some winners have even taken out mortgages to cover their tax bills and rented out their prize homes.
Will Fulkerson keep her Montana home?
Fulkerson has not publicly commented on whether or not she will ultimately keep the Montana home, and an HGTV spokesperson told CNBC Make It that Fulkerson has requested not to participate in media interviews.
Where is the HGTV Dream Home?
Finally, last year’s HGTV Dream Home winner took home a 3,500-square-foot house valued at more than $2 million in Pittsburgh, Pa.
How long did the first 10 Dream House winners live in their new digs?
According to HGTV, only one of the first 10 Dream House winners has been able to hang on to their winnings. Just six of the first 21 winners actually lived in their new digs for more than a year. The longest “survivor,” the 1998 winner, kept her dream home in Florida for eight years before selling it. But after taking out a mortgage on the place ...
What taxes do you pay on HGTV?
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, depending on your state of residence. That means you’ll pay taxes at your marginal rate because the value of the prize is on top of any income you’ve earned from employment and investments.
Why do winners of contests have to sell their homes?
As it turns out, it’s not unusual for winners of contests like this to be forced to sell the properties because they can’t afford the income taxes, property taxes or even the upkeep. Even winners of home make-overs must often sell.
How much was the 2009 Manse house worth?
The sales tax on the 2009 house was $500,000, and the property tax was $25,000. So three months after winning the Sonoma, Calif., manse, the winner sold it for $2.2 million. The buyer was the builder, who marked it up 10% and resold it. But there was a bright spot – the winner donated the contents of the home, valued at $187,000, to charity.
Why did the 2007 Texas Mansion go bankrupt?
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.
Did HGTV give cash prizes?
When it became obvious that most winners were unable to keep their prizes, many opted to take the cash option HGTV began offering. Others sold their prize homes, often back to their builders, and rarely at full value.
What is the 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 and reassembled atop a vista overlooking the Grand Tetons in Jackson Hole, Wyo. Two decades later, the homes have spanned the entire United States, ranging from breathtaking ocean-side villas, to jaw-dropping mountain retreats, to classic country manors.
What does winning a dream home mean?
Speaking with the Pittsburgh Post-Gazette, HGTV spokesperson Emily Yarborough said, "Our vision of the dream is that it enables you to do what you want to do." In more specific terms, Dream Home general manager Ron Feinbaum told Country Living, "Winning one of these homes is life-changing in that recipients either pick up their things and move or they suddenly have a large savings account." He added, "The outcome depends on the individual winner but the overarching theme is that, if you win, it's life-changing.
Why is there a Home Depot commercial on HGTV?
There's a reason every other commercial on HGTV is for Home Depot or Lowe's, and it's not because those home improvement giants think the Property Brothers are super dreamy. It's because every single program on that network is designed to hypnotize the home viewer into thinking a DIY bathroom remodel is a piece of cake, or that if you put $10,000 into a renovation, you'll get back $100,000 in return.
Why did Tina Carlson sell her house?
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. Most other winners followed a similar path of either taking the cash option or selling the house in order to satisfy the tax burden and recreate a "mini Dream Home" closer to their family roots.
Where did Dee sell her house?
Like most winners, Dee, an Iowa resident, quickly sold the Islamorada, Fla. beach house she had won. "We pretty much knew that was the case right when they walked in and told us," Dee's husband, Tommy, told the Twin Cities Pioneer Press.
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 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, ...
