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St. Jude Dream Home...Cost to own?
Posted on 6/22/12 at 5:56 am
Posted on 6/22/12 at 5:56 am
Approximately how much would it cost in taxes and what not to own the st. jude dream home if you win it? Its valued at $450,000. Just looking at the house, it would cost a good bit to move in. Would eventually have to buy a nice fence and curtains/blinds for all the windows.
7
Posted on 6/22/12 at 6:47 am to mctiger1985
You'd have to come up with federal and state income tax for the fair market value of the property in the tax year when you take title. Figure 33%. Property taxes will probably be in the $4000 range depending on location. The first thing you'd want to do is take out a mortgage on the property for half of what it's worth just to pay taxes and move-in expenses.
Posted on 6/22/12 at 6:49 am to Layabout
prob makes more sense to sell it immediately
Posted on 6/22/12 at 8:00 am to mctiger1985
My coworker's son and daughter-in-law won the house last year in Prairieville. They got a loan (not sure if home equity or a mortgage) to take care of all of the taxes they owed.
They are very happy there and are now expecting twins.
They are very happy there and are now expecting twins.
Posted on 6/22/12 at 8:12 am to mctiger1985
White people problems
On the reals, you want to take out mortgage and live in a year, if you sell within 1st year you'll pay additional taxes. I live in hood in Franklin where they build it every year, it's what everyone who has won has done except one family who's lived there since winning.
Home here comes furnished, does LA not?
On the reals, you want to take out mortgage and live in a year, if you sell within 1st year you'll pay additional taxes. I live in hood in Franklin where they build it every year, it's what everyone who has won has done except one family who's lived there since winning.
Home here comes furnished, does LA not?
Posted on 6/22/12 at 9:06 am to ItNeverRains
quote:
Home here comes furnished, does LA not?
No, I don't believe they won any furnishings. They still have many empty rooms.
Posted on 6/22/12 at 9:38 am to mctiger1985
Don't you have the option of taking cash for something like half the value, paying taxes on that and letting St. Jude sell the home?
Posted on 6/22/12 at 10:04 am to mctiger1985
friend of mine won one of those things and i don't think it turned out very well, it's currently on the market for almost $200 a sq ft
Posted on 6/22/12 at 12:44 pm to yellowfin
Got a hunch it will remain on the market at that price.
Posted on 6/23/12 at 12:47 pm to iknowmorethanyou
quote:
Got a hunch it will remain on the market at that price.
Depends on the quality of the house, if it is very high end it may be worth $200 sqft or more.
Posted on 6/23/12 at 3:20 pm to iknowmorethanyou
it most definitely will, then it's with some mom and pop real estate agency that I've never heard of
Posted on 6/23/12 at 11:41 pm to mctiger1985
I know in Lafayette it comes unfurnished....
By the time I tacky that place up with all my shite, it's much better to just sell it.
In the event one of my 5 tickets win it this year, I'll knock $50k off the price to any OT'er.
By the time I tacky that place up with all my shite, it's much better to just sell it.
In the event one of my 5 tickets win it this year, I'll knock $50k off the price to any OT'er.
Posted on 6/24/12 at 9:42 am to Signature
Well, I have to wait until next year now, so I can save up some more money
Posted on 6/24/12 at 9:45 am to JWS3
Very high end and Dream Home don't compute. It's nice fit and finish, but we aren't talking Italian marble tubs, etc. I'd put the tops on it at $175/ft.
Posted on 6/25/12 at 10:58 am to iknowmorethanyou
Posted on 6/25/12 at 7:16 pm to Magnum14
Friend of mine actually won the house a couple days ago. Crazy.
Posted on 6/25/12 at 7:29 pm to mctiger1985
Around $130,000. You will be 1099ed and LA has a pretty hefty prize tax. I asked a local banker who is heavily involved in the HBA home they do every year here and they handle the immediate loan until the winners can sale their own house and set up permanant financing. I asked him that exact question and 130 was his answer.
This post was edited on 6/25/12 at 7:31 pm
Posted on 6/26/12 at 12:01 pm to The Cable Guy
quote:
Friend of mine actually won the house a couple days ago. Crazy.
your friend sucks
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