Every day I register for the HGTV dream home giveaway. Every year I do this the entire month of January. Not because I think I will win but see it as sort of a free lottery since I don't ever play the real lottery. Anyway, I was thinking if I were to win this 2.5 million dollar prize, how would I pay for the taxes, etc. on the home? I know I couldn't afford the taxes on a million dollar home in Sonoma, California (I also wouldn't want to live in California). Maybe just sell it?
But in a down market I could have trouble selling it.
So it would become more of a liability than an asset because what am I going to do with all that furniture when I sell it? My house now is only 1000 square feet so wouldn't I have to sell it furnished? And who wants to buy a furnished house anyway? And I would owe lots of tax money to the county. Would I also owe capital gains? I would have to look into that. These are all questions that come to mind every time I log on to the page to register to win.
But I still hope that I win, however unlikely that may be.
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