Fun Stuff > CHATTER
Want a home in the Colorado Rockies?
Trollstormur:
the catch is you gotta pay taxes on it.
Ozymandias:
^ Bingo.
Yeah, you have a basically free house to begin with, but now you have an expensive house on expensive land that comes with expensive taxes.
And the IRS doesn't forgive or forget.
SilentJ:
I saw the name of this thread and for some reason I thought of the baseball team. I was utterly confused for a second. Then I read that this is about housing that costs about half of what my next paycheck will be.
Considering that the houses around where I live cost an average of USD$490,000, I'd take that shit in a heartbeat, regardless of taxes.
ruyi:
--- Quote from: Ozymandias on 06 Apr 2008, 02:34 ---^ Bingo.
Yeah, you have a basically free house to begin with, but now you have an expensive house on expensive land that comes with expensive taxes.
And the IRS doesn't forgive or forget.
--- End quote ---
Not only that but you have to pay taxes on stuff you win as a prize if it's worth more than a certain amount. I'm not sure of the technicalities, but I remember Oprah was criticized when she gave away free cars on one episode because the catch was contestants had to pay a certain amount of money to keep the prize. Some of them couldn't afford the tax, which was like a couple thousand, so in reality a lot of people who won cars were forced to sell them to pay it off.
This implies that whoever wins the house may have to sell it to pay the tax. It's mentioned on the website here:
"All contest winners are subject to paying taxes on their winnings. Therefore, the winner of this contest will be obligated to pay taxes on this property. However, with a debt-free warranty deed providing the winner with nearly $200,000 of built-in equity, this should not be a financial burden to the winner."
So...I guess that last line addresses the tax, but I don't really understand it well enough to evaluate it.
Slick:
--- Quote from: ruyi on 06 Apr 2008, 03:53 ---"All contest winners are subject to paying taxes on their winnings. Therefore, the winner of this contest will be obligated to pay taxes on this property. However, with a debt-free warranty deed providing the winner with nearly $200,000 of built-in equity, this should not be a financial burden to the winner."
So...I guess that last line addresses the tax, but I don't really understand it well enough to evaluate it.
--- End quote ---
I think that just means you can take out like $200,000 of mortgage on the property if you really wanted.
--- Quote from: ruyi on 06 Apr 2008, 03:53 ---I'm not sure of the technicalities, but I remember Oprah was criticized when she gave away free cars on one episode because the catch was contestants had to pay a certain amount of money to keep the prize. Some of them couldn't afford the tax, which was like a couple thousand, so in reality a lot of people who won cars were forced to sell them to pay it off.
--- End quote ---
How can you be criticized for that? It's a free car, I'd be fine just selling it and keeping the difference anyways. It's a prize and that's how American laws work. Should everyone be criticized for giving stuff away?
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