Is there a cash option for the HGTV Dream Home?

Is there a cash option for the HGTV Dream Home?

Cash Option: In lieu of taking title to the HGTV Dream Home 2022 (and the contents of the HGTV Dream Home 2022), the Grand Prize Winner will have the option of receiving $750,000 in cash. Total ARV of the Grand Prize is $1,111,370 if Grand Prize Winner selects the Cash Option in lieu.

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Do you have to pay taxes if you win the HGTV Dream Home?

All federal, state, and local taxes on the Grand Prize are Grand Prize Winner’s responsibility. The Grand Prize Winner will be issued a 1099 tax form for the actual value of the Grand Prize.

How much tax do you pay on the HGTV Dream Home?

Santo said the winner also has to pay income tax. According to HGTV, the grand prize includes the fully furnished house, plus $50,000 cash, valued at a total of about $684,000. Santo says the winner will be taxed at the top federal rate of 37 percent. Add on state taxes, and they’ll owe between $238,000 – $266,000.

Can you sell HGTV Dream Home after winning?

If the winner chooses this option, they receive the associated prizes like the vehicles, cash, and furnishings, but HGTV retains the rights to the house. Usually, they sell the home to a private bidder

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