Question: Does The HGTV Dream Home Come Furnished?

What really happens when you win the HGTV Dream Home?

The Dream Home grand prize—typically $250,000 in cash, a car, and sometimes a boat, in addition to the home itself, usually valued at $1 million or more—comes with a federal income-tax bill of about $700,000, according to an analysis by Vocativ, plus state income and real-estate taxes that vary by location..

Has the HGTV winner been notified 2020?

Meet the lucky winner of HGTV Dream Home 2020 on Hilton Head Island, South Carolina. 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.

Who won HGTV Smart Home 2020?

Jyll DoubledayMeet the lucky winner of HGTV Smart Home 2020 in Pittsburgh, PA. Congratulations to Jyll Doubleday of Santa Barbara, CA; she is the winner of the HGTV® Smart Home 2020 sweepstakes, a grand prize package valued at over $1.5 million dollars.

Where is the next HGTV Dream Home 2021?

Discover HGTV® Dream Home 2021, a classic waterfront escape located in Newport, Rhode Island.

What taxes do you pay if you win a house?

If you win a house in a contest, you’ll have to pay federal income tax on its value. Also, depending on your state, you may have to pay state income tax on any house you happen to win in a contest. Under Internal Revenue Service (IRS) rules, any prizes won in contests are taxable at the marginal tax rate.

How will the HGTV Smart Home winner be notified?

The winner is then notified, usually by an ambush-style announcement where representatives of the Scripps Networks show up at the winner’s home, place of business, or family gathering. However, winners can also be notified by registered mail.

How is the HGTV Dream Home winner chosen?

How the Grand Prize Winner will be Determined: One (1) potential grand prize winner (the “Grand Prize Winner”) will be chosen by Sponsor in a random drawing on or about February 22, 2021 from among all eligible entries received during the entire Sweepstakes Period (the “Grand Prize Drawing”).

What are the chances of winning the HGTV Dream Home?

By entering every day online, you bring your odds of winning from “impossible” to one in 1.35 million.

Is HGTV Dream Home Giveaway real?

The HGTV Dream Home Giveaway is an annual sweepstakes from the Scripps Network’s Home and Garden Television channel, which has run since 1997. … In 1998, 2.5 million entries were received, but the 2016 HGTV Dream Home winner’s name was chosen from among 127 million entries!

Where will the 2020 HGTV Dream Home Be?

Hilton Head IslandTamara Day and Brian Patrick Flynn team up to build and design the HGTV Dream Home 2020 in Hilton Head Island, SC.

Did anyone win the HGTV Smart Home?

Congratulations to Maureen Rustrianof Basking Ridge, New Jersey! She is our proud winner of the HGTV® Smart Home Giveaway 2019, a grand prize package valued at over $1.2 million.

How much do you pay in taxes if you win the HGTV Dream Home?

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?

Even people who win makeovers of their current homes often must sell. According to HGTV, only one of the first 10 Dream House winners has been able to hang on to their winnings. … The longest “survivor,” the 1998 winner, kept her dream home for eight years before selling it.