"My wife would give me grief for entering, and we were both sure nothing like this would happen to us, Rennie said.
The Dream Home Sweepstakes usually gives away a large cash prize along with the home and vehicle, and you can put this cash toward the taxes.You may be able to whittle down the tax burden by donating part of the prize, like the vehicle or the artwork, to a worthwhile charity.Enter the Dream Home Sweepstakes, but Don't Fixate on the House.Is the Dream Home Sweepstakes Worth Entering If You Have to Sell the Prize?How can you handle that financial burden and still end up millions of dollars richer than before you won the prize?Taking the cash option means that you would receive hundreds of thousands of dollars and won't even have to worry about finding a buyer for the house.Hgtv goes to great lengths to surprise the lucky winners, they treat them like royalty when they fly out to see the home, and they let the winners vacation in the house and enjoy all of its amenities.Hgtv interior designer Tiffany Brooks gave David Rennie the good news in a big surprise at his hometown church.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.
You can also try to set up a payment plan with the IRS.
This is fine if you happen to win cash prizes and can simply deduct the taxes from your winnings; but with vacations and other prizes that are difficult to liquidate, you have to scrape up the money to pay the taxes.
In their article, is It Really a Dream Come True?, msnbc"s hgtv spokeswoman Emily Yarborough as chase sapphire gift card rewards saying: "Our vision of the dream is that it enables you to do what you want.".The hgtv Dream Home is a prestigious property that many people would love to own, meaning that it usually sells for a great price.His name was chosen from among 127 million entries to receive a beautiful home in Merritt Island, Florida, a GMC Denali vehicle, a new boat, 250,000 in cash, and more.The Cruz family intended to either sell the lake cottage or to turn the house into a Bed and Breakfast to generate income.It might be helpful to avoid thinking of the house itself as the prize and instead focus on the experience and the cash that winners walk away with.The important thing about this sweepstakes is not to get fixated on keeping the home, but rather to enjoy the experience and the money and other great prizes that you will receive.The very first thing that you should do if you win the Dream Home Sweepstakes, or any large sweepstakes or lottery prize, is to hire an experienced financial team to create a plan that will allow you to make the most of your windfall.St Paul's Church also posted pictures of the Rennie family with Tiffany Brooks.Hgtv/Scripps Network, Used with Permission, the 2016 hgtv Dream Home was the first that wasn't constructed from scratch.
Even after paying their taxes, Dream Home winners come out way ahead.