Table of Content
Viewers who want to call the mountain oasis home can enter to win the grand prize (the custom-designed home, a 2019 Honda Pilot Elite and $250,000) until Feb. 18. 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.
Rustrians name was randomly drawn from 97 million entries in the sweepstakes. She is a passionate sweeper with tens of thousands of dollars worth of prize wins to her name and she has been sharing advice about how to be a winner for over a decade. The 2019 winner Beverly Fulkerson of Osgood Ind won a 3650-square-foot. 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.
The winner of HGTV's multimillion-dollar Dream Home can expect a hefty tax bill
A beautiful industrial gas stove framed by a large stainless steel hood vent is balanced out by bulky hanging lights above the eat-in island. Cool and contemporary, Metro Slate modern cabinets are versatile and will pair well with any space or décor. The clean look of our Metro Slate modern cabinets make them not only a great choice for kitchens, but for laundry rooms and mud rooms as well. 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.
"I've fantasized most of my life about living in a big house, but my dreams never came close to this," Cruz told CNN Money of the life-changing abode. Alas, the Cruz family only lasted three years on the lake after relocating from the Chicago suburbs. In this case, it wasn't just taxes that turned the dream into a nightmare. It's apparent that creating a functional space for entertaining was also important to Flynn and the HGTV team, as the bottom floor of the three-story home features a wet bar and wine fridge, along with a media room and two bedrooms.
The three-story house was featured on HGTV's 2018 Dream Home special and is located in Gig Harbor, Washington
According to the Citizen Times, the city had an ordinance against "renting for periods of less than 30 days," leaving the Evans' four-day Airbnb packages in direct violation. After a warning from city officials, the Evans' property was then only advertised in allowable 30-day stretches. That leaves a significant financial burden on the winner, who is usually an everyday joe or jane who doesn't happen to have a few hundred grand relaxing in the bank. However, Muniz and her husband, who share a three-year-old daughter, opted to take the cash prize offered by HGTV instead of becoming the owners of the fully-furnished abode. Nashville native Emily Muniz, 29, was selected as the winner of the home, along with a Honda Accord and $250,000 to assist with the mortgage, after her name was randomly drawn from 123 million entries.
Here, Chelsea Linen and Manhattan Graphite mesh to create a dynamic kitchen design. See every stunning space from HGTV Dream Home 2020, a charming coastal escape packed with high-end design and located on Hilton Head Island, South Carolina. As for what really caused Dee's curiously cagey behavior the night of her win, the simplest explanation is shock. In fact, she told theMiami Herald as much when the paper accompanied her during her first visit to the bay front home. "Shock, I'm still shocked," Dee said, later adding, "I had no expectations of winning. You dream, but you never think you will be the person who wins it." It's actually remarkable to think Cruz could have walked away from his HGTV Home Giveaway experience with any kind of positive feelings, because out of all 21 winners, he had the roughest run of them all by far...
The Truth About The HGTV Dream Home Giveaways
The master bedroom features a private patio with a Scandinavian-style cedar hot tub, which opens out to the deck. We’d probably never leave if this were our home—though with a prime location near a private entrance to the ski areas at Big Mountain, we’re guessing the lucky winners will want to hit the slopes ASAP. Located on the bucolic Whitefish Lake, the 3650-square-foot home was designed by HGTV’s own Brian Patrick Flynn.
"With the house being on the water, you couldn't ask for much more," Muniz told HGTV at the time. The HGTV Dream Home no doubt combines more than a few decor schemes. (And we love that!) But eclectic decor can be tricky, sliding easily from coordinated to chaotic. Some rooms in this house have a beautiful balance, while others feel a bit overwhelming. We appreciate the intent, but would like to see it scaled back a notch.
Who won the House on HGTV 2020?
This house is full of them—from the equestrian-inspired chandelier to the wood and iron bunk beds. But what we're really lusting after is the reclaimed wood ceiling in the dining room, made from lumber from a local historic building. "It's important for me for the house to actually have the personality of its surroundings, and a lot of those things are made custom," designer Brian Patrick Flynn told NBC Montana. Winning the Dream Home currently being built in Portsmouth through the annual HGTV sweepstakes may not be all its cracked up to be.
Understand the tax consequences When you win the lottery, you owe income tax on your lottery winnings. They will also 24% in federal taxes as well as any local tax, if they reside in a locality with income tax. 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.
The latest lucky winner of cable network HGTV's Dream Home 2019 contest is Beverly Fulkerson, a former preschool teacher from Osgood, Indiana. Fulkerson recently won a $2.3 million package that includes a newly remodeled and fully furnished home in Whitefish, Montana, along with $250,000 in cash from Rocket Mortgage by Quicken Loans and a 2019 Honda Pilot Elite SUV. With an uncomplicated door style, modern cabinets make any space seem clean and orderly. This year’s HGTV Dream Home is a handsome mountain hideaway nestled in the pines of Whitefish Montana. Cabinets To Go is excited to showcase our beautiful modern cabinets in such a beautiful home. The taxes on the home are the responsibility of the winner.
The three-bed, three-and-a-half bath property is the ultimate estate for any outdoors enthusiast. In the main living space, glass stack doors take advantage of the stunning mountain views. An outdoor breakfast bar is the perfect place to enjoy your morning coffee immersed in nature, while at night you can take advantage of the lounging areas and grill to make dinner.
But it’s the outdoor space that really sells this sprawling home, whether you consider yourself outdoorsy or not. Cabinets To Go was to be featured in the 2019 HGTV Dream Home. This handsome mountain hideaway nestled in the pines of Whitefish, Montana, showcases our beautiful modern cabinets in cozy, contemporary style. That means that in 2019 you can bequeath up to $5 million dollars to friends or relatives and an additional $5 million to your spouse tax-free. In 2021, the federal gift tax and estate tax will be combined for a total exclusion of $5 million. If you give away money, that will lower your lifetime taxable estate.
No comments:
Post a Comment