Table of Content
- What are the chances of winning the HGTV Dream Home?
- Has anyone actually won the HGTV Dream Home?
- The Truth About The HGTV Dream Home Giveaways
- Does HGTV really give away a house?
- Who won last year’s HGTV Dream Home Giveaway?
- For real live video of the house and lots of close ups take my LIVE tour on Facebook [click here]
The front doors enter into what I think of as the main level. There is a entryway, the garage to the right, a dining area and living room, with the staircase and kitchen to the left. You enter the home through a set of glass doors that let you see straight through the home, allowing you to take in the view before you even set foot inside.

You’ll need it if you win, because you will have a lot of people wanting to come stay with you. The lower level holds the last two of the 4 bedrooms, and the final full bathroom, along with an abundance of gathering, family and entertaining space. Complete with access to the outdoors, and a staircase that takes you down to the water edge. "We realize that not everyone is in a place in their lives that will allow them to pick up and move, or even take on ownership of a remotely owned property," a representative for HGTV tells PEOPLE.
What are the chances of winning the HGTV Dream Home?
If the DHW borrowed just the balance of the income tax $700,000 ($770,000 federal tax +$179,500 state tax - $250,000 cash award) then their monthly mortgage would easily be $3,003 to $4,424 Â assuming rates had not increased. This would be considered a "jumbo loan" with new issues to resolve. Most people who are wealthy enough to cover a $1 million tax bill at the drop of a hat probably aren't sitting around entering sweepstakes drawings. Anyway, HGTV acknowledges this fact, and spokespeople for the network have said on multiple occasions that occupying the house isn't really expected of the winners. Everyone knows that with a huge cash prize like the lottery, the government will be waiting with its hand out.

Real estate transfer taxes, deed recording charges, closing costs, current and. Hgtv dream home 2018 winner dies hgtv dream home 2018 winner dies goering committed suicide by swallowing a poison pill in his cell the night before. When it became obvious that the people winning its sweepstakes were unable to keep their new digs, HGTV began offering winners a cash option.
Has anyone actually won the HGTV Dream Home?
Second, these homes are often in very vacation-friendly places like the beach or the mountains, which makes them prime real estate for destination rentals. Stacy, who initially kept her Smart Home, enjoyed one vacation there with family before deciding the job offer back in Wisconsin was too good to pass up. “I thought it would be nice to keep home, that maybe my sister and her husband could live there and rent it from us,” she says, “but financially that was not the best thing for us either.” By Christmas, she had sold the house, furniture and all.
Dozens of representatives from sponsors also share in the celebration. “The homes are created with sponsor products, so it’s a way to show them in person how beautiful the house is with items they supplied, and let them experience this amazing weekend with someone who’s having a life-changing moment,” says Feinbaum. David Rennie’s 2016 setup was orchestrated by his two adult daughters and son-in-law.
The Truth About The HGTV Dream Home Giveaways
"It's not that the homes are just beautiful and in great locations, but it's the design and craftsmanship that goes into each one that's impressive," Muniz says. "I'm also a huge design fan and like seeing how the designers finish out each project to see if there's ideas I can steal for my own home." Should anyone feel bad that the DHW has a large tax liability?

Still, Muniz, who lives in Nashville and works as the executive producer on a local morning show, never thought she would actually win the grand prize valued at over $1.8 million. Last year, it included a custom-built home in Gig Harbor, Washington, $250,000 cash to help with property and income taxes, and a Honda Accord. You live in a peaceful environment, with a luxurious automobile, a massive mansion, a big family, and a pet to play with. She is the winner of the hgtv® dream home 2020 sweepstakes, a grand prize package valued at over $2 million dollars. For example, the value on the day you won is $750,000; you will owe income taxes on that amount as ordinary income.
HGTV Dream Home 2018 Details Tour
According to Country Living, Muniz's decision one is a common one among HGTV Dream Home winners. The vast majority opt to accept the cash prize alternative or sell the home they've won. "Obviously moving into an HGTV designed home on the water is a once in a lifetime chance that's not easy to turn down," she says. The taxes are a percentage of the winnings, not the entire amount. If the DHW immediately sold the DH for $1,900,000 net of selling costs, they would still have after tax cash of $1,200,000 ($1,900,000 sale proceeds + $250,000 cash award - $950,000 in taxes) plus the new GMC.
He was so friendly and made everyone feel welcome and instantly at ease. There are twin light fixtures, sofas, and sofa tables. The color scheme has just the perfect bit of feminine warmth with the soft blushes, reminiscent of a sunset, to keep the room looking lively, even on the cloudiest, wettest, PNW days.
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. 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." So, if HGTV's endgame is giving its viewers a windfall of cash, why don't they just do that directly?
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. “It’s so unreal, I’m still in disbelief, it doesn’t seem like reality,” exclaimed Susan. Meet 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. If you take the lump sum today, your total federal income taxes are estimated at $370,000 figuring a tax bracket of 37%.Minimizing Lottery Jackpot Taxes. Total Winnings $1,000,000 $1,000,000 Winnings Received Over 20 Years $630,000 $780,000.
In December 2005, John received one letter from the IRS saying they were being reaudited, followed by another stating the agency owed them 18 cents. "The view from this year’s Dream Home is by far my favorite of any of the homes we’ve done," says Dream Home general manager Ron Feinbaum, who's in charge of selecting the properties and seeing them through to completion. "I knew it was the house within five seconds of walking in based on the view alone." At 3,300 square feet, the home includes four bedrooms, three full bathrooms, and two half-bathrooms.

"The vast majority either took the cash alternative or sold the house back to the developer within a year of winning." Don Cruz, the winner of the 2005 Dream Home, moved down to Tyler, Texas from Illinois to enjoy his new property. Along with his wife and son, they planned on turning the home into a bed and breakfast, according to The Balance. But that proved to be a challenge thanks to zoning restrictions, as well as their need to take out money against the home to pay for Don’s father’s cancer treatment.
Using the DH as a vacation home, rental property, etc. would not qualify. If the DH was not your principal residence, then the gain would be taxed as LT capital gain, explained above. The preliminary estimate by HGTV is $1,750,000 as of Nov 2005. I do not know what it is valued for property tax roles, but in the past that has been higher than the ARV.
On the outside, winning this fabulous prize package valued at well over $1 million couldn't look any sweeter, but as they say, the devil is in the details. Along with the winnings comes an equally astounding income tax burden, as well as sky-high home maintenance costs and hefty property taxes. Then there are the realities of what goes into making HGTV Dream Homes even happen in the first place, like the corporate sponsorships and even the tragic death of a contractor who worked on one of the renovations.