What Do You Have To Pay If You Win The Hgtv Dream Home?
If you win the HGTV Dream Home, you will have to pay federal income taxes on the value of the prize, which includes the home, furniture, artwork, and cash. The estimated tax burden can range from hundreds of thousands of dollars to over a million dollars, depending on the value of the prize and the winner’s tax bracket. Additionally, winners may also be responsible for state and local taxes, closing costs, and ongoing maintenance and insurance expenses.