What happens if you win the HGTV Dream Home sweepstakes?
Winning the HGTV Dream Home sweepstakes truly would be a dream, but believe it or not, some winners never actually move into the home. Emily Muniz won last year's grand prize: a custom-built home in Gig Harbor, Washington, $250,000 in cash to go toward property and income taxes, and a Honda Accord.
What is the HGTV Home Giveaway?
The HGTV Home Giveaway is basically this exact concept, only better, because it allows the viewer to fantasize about incurring none of the hassle of a home renovation but reaping all the droll-worthy Instagram likes.
Is the HGTV Dream Home the perfect representation of the brand?
No one made this more clear than Burton Jablin, the president of HGTV in 2005, who told Business Wire, "The HGTV Dream Home is the perfect representation of the HGTV brand."
How much tax do HGTV prizes cost?
According to Vocativ 's breakdown, the tax liability on an HGTV prize worth $1,750,756 is $693,299. And that's just for the federal government. There are state and local income taxes, as well as real estate taxes that usually factor in the 1 percent of the value of the property range.
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.
Who won the 2017 HGTV Dream Home?
Anna SpanglerCongratulations to Anna Spangler of Kutztown, PA! She is the lucky winner of the HGTV Dream Home Giveaway® 2017.
How much taxes would you pay if you won the HGTV Dream Home?
According to a report from CNBC, 2019 winner Beverly Fulkerson won a $2.3 million prize package that included a “Dream Home” in Montana. But the estimated tax bill would come up a staggering $789,140.
Who has won the HGTV Dream Home 2019?
Beverly FulkersonHGTV Dream Home 2019 Winner Ambush Congratulations to Beverly Fulkerson of Osgood, Indiana! She is our proud winner of the HGTV® Dream Home Giveaway 2019, a grand prize package valued at over $2.3 million.
Who won the 2022 HGTV home?
Congratulations to Leah Nadorff of Columbia, South Carolina; she is the winner of the HGTV® Smart Home 2022 sweepstakes, a grand prize package valued at over $1.2 million dollars.
Who won the HGTV Dream Home 2020 to?
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.
Has any HGTV Dream Home winners kept the house?
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.
Do HGTV Dream Home Winners keep the furniture?
Winners who take the cash option would still receive the car, furnishings, artwork, and the cash, but instead of taking possession of the Dream Home itself, they receive a hefty cash payout. Many winners have donated the furnishings to charity to help with tax write-offs while doing some good in the world.
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”).
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.
What is the cash option for the 2022 HGTV Dream Home?
Karey Wolstenholm of Overland Park, Kansas is the winner of the HGTV Dream Home 2022 sweepstakes, a grand prize package valued at over $2.4 million, which includes the luxurious modern mountain cabin, a 2022 Jeep Grand Wagoneer, and $250,000 in cash.
How much is the taxes on the HGTV Smart house?
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.
How can I avoid paying taxes on prizes?
The IRS will usually require that the lottery company withhold taxes from your winnings before you even receive a check. But you can reduce your tax liability by taking your lottery winnings in installments, donating a portion of it to charity, and deducting any gambling losses.
How are taxes calculated on winnings?
The tax rate will be determined by your income on your federal income tax paperwork. So, for instance, if you make $42,000 annually and file as single, your federal tax rate is 22%. If you win $1,000, your total income is $43,000, and your tax rate is still 22%.
Who won the 2018 HGTV Dream Home?
HGTV Dream Home 2018 Winner Ambush. HGTV host Tiffany Brooks surprised grand-prize winner Emily Muniz at her home in suburban Nashville, TN. See her priceless reaction as she learns the good news. Emily received the news from HGTV designer and host Tiffany Brooks that she had been selected as the winner of the HGTV® Dream Home 2018 .
Who surprised Emily's husband with the news?
The day of the ambush, Tiffany surprised Emily's husband first thing in the morning with the news while Emily was at work. Emily picked up some groceries on the way home from work, and when she walked into her living room, she was surprised by an ecstatic Tiffany and the rest of the crew.
Where is Emily's home?
The home is located in Gig Harbor, Washington, a charming Pacific Northwest town with picturesque scenery and a maritime lifestyle. With so many other fans entering to win, Emily tried to be realistic, telling herself that "nobody ever has a chance of winning.".
Who won the HGTV Dream Home sweepstakes?
Winning the HGTV Dream Home sweepstakes truly would be a dream, but believe it or not, some winners never actually move into the home. Emily Muniz won last year's grand prize: a custom-built home in Gig Harbor, Washington, $250,000 in cash to go toward property and income taxes, and a Honda Accord. Muniz told People that she ...
How often do you enter the HGTV sweepstakes?
Fans have the opportunity to enter the sweepstakes once a day at HGTV.com, and once a day at diynetwork.com.
How long have people lived in dream homes?
According to Country Living, only about 28 percent of the people who have won Dream Homes over the years (since the first in 1997) have actually lived in the home for more than a year.
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, ...
