- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
St. Jude Dream Home ?
Posted on 8/9/08 at 10:04 pm
Posted on 8/9/08 at 10:04 pm
OK, so the drawing for the St. Jude Dream Home in Prairieville is tomorrow. Home is worth $450k.
Options:
1) Take out a mortgage to pay the taxes & live in it.
2) Take out a mortgage to pay the taxes & sell it.
3) Take the cash, which I think is usually $250k, although I do not see that option in the rules this year.
Any other options -- pros -- cons?
Options:
1) Take out a mortgage to pay the taxes & live in it.
2) Take out a mortgage to pay the taxes & sell it.
3) Take the cash, which I think is usually $250k, although I do not see that option in the rules this year.
Any other options -- pros -- cons?
4
Posted on 8/9/08 at 10:13 pm to Happyboucher
What would be the taxes on this?
Can't be more than your mortgage or your rent payments for a year...
Can't be more than your mortgage or your rent payments for a year...
Posted on 8/9/08 at 10:13 pm to Happyboucher
How much are the taxes estimated to be?
Posted on 8/9/08 at 10:28 pm to BayouBengal
Not sure, I guess it would be same as winning $450k cash. Probably 35% for fed taxes.
Posted on 8/9/08 at 10:35 pm to Happyboucher
Yea so like $150k in taxes...what's that $1300/mo in mortgage payments??
Posted on 8/9/08 at 10:41 pm to Happyboucher
you only pay at capital gains rates and thats not 35% if you opt for the home. What are property taxes on a 450K home in Pville?
Posted on 8/9/08 at 10:54 pm to sheek
Why only capital gains rate? Property taxes are prolly close to $1k on a home worth $185k.
Posted on 8/9/08 at 11:12 pm to Happyboucher
let me rephrase that, you pay property taxes and you pay capital gains if you sell the house within 18 months of occupying it. i live ebr so I am not sure what will the property taxes be on a 450K home.
Posted on 8/10/08 at 2:57 pm to Happyboucher
I would be more concerned with being struck by lightening. It's a lottery scam.
Posted on 8/10/08 at 4:05 pm to Zach
It's really hard to sell a $450K house right now. I'd just take the cash, pay taxes on it, and invest. Maybe even pay off my current house.
Posted on 8/10/08 at 5:23 pm to sheek
quote:
you only pay at capital gains rates and thats not 35% if you opt for the home. What are property taxes on a 450K home in Pville?
2K - 2.5K per year.
Posted on 8/10/08 at 7:11 pm to Happyboucher
i was recently told by someone that whenever you take possession of the dream home that you agree that you will not sell it for atleast 3 years. Atleast i know in lafayette its like that but maybe its different in different areas.
Posted on 8/10/08 at 7:33 pm to pochejp
if that is the case, take the home instead of the cash and sell it in 24 months.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News