About hgtv, hGTV delivers the superstar experts, fascinating families, compelling renovations and stunning transformations that make all things home fun.
According to the, hGTV contest rules, it comes with the home and furnishings (1,205,272 100,000 in cash, and a 2015 Mercedes-Benz C-Class (58,635) for a total prize value of 1,363,907.
Following closely behind are.
As they state in the rules: Real estate transfer taxes, deed recording charges and closing adidas online discount code costs, if not the obligation of the Developer pursuant to an agreement with Main Sponsor (the Home Contract) to acquire the home, shall be the sole responsibility of the Grand.Of course, the 100,000 in cash will come in handy because if you win the 2015 hgtv Smart home, since you will need to be prepared for a hefty federal individual income tax bill and, depending on where you live, a state individual income tax.But Don said he does not regret his decision not to sell.Overall, the federal income tax bill alone comes to a whopping 475,693 (see assumptions below).9 percent of the prize value.As such, your tax bill will be based solely on your current home stateunless you live in these eight other states without an individual income tax in which case you would pay no state income tax: Alaska, six flags over georgia discounts publix Florida, Nevada, New Hampshire, South Dakota, Tennessee, Washington.Nods to Arizona are prevalent in the design through antique tribal elements and doses of the area's amazing artistry.
If you plan on keeping this home, best be prepared to take on a second job or take out a home equity loan to pay Uncle Sam as the 100,000 in cash wont cover.
Tour the home in the photo slideshow above.
The winner will be paying taxes based on 2015 law which, especially at the state level, may be different if new tax laws have taken effect.The three-bedroom, three-bathroom modern farmhouse was unveiled by hgtv in April. .If your tax situation is more complicated than what is shown here, you can use this individual income tax calculator (thanks to tax-rates.(Click to Tweet there is no clear cut answer as to whether or not to keep the house, take the house and sell it, or opt for the cash value."There's no way we could have afforded to do it if we hadn't won the house.Calculating the state income tax owed is simplified in this case because.Well, you get the picture.Hawaii (combined tax bill of 613,492, 45 percent of the prize value) and Oregon (combined tax bill of 131,831,.5 percent of the prize value).
Apr 22, 2015, this years, hGTV 2015 Smart Home is in Austin, Texas.