If you win a house or something that you dont want to sell and you where responsible for all the taxes and everything, How would you be set up to pay that. Would you be put on payments or what. That would be like 240,000 in taxes. How do they expect you to pay that.
2007-01-02 12:37:01 · 8 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Yes, a lot of tax,
sell it, put the money in some secure investment with dividends, and live off the dividends and interest and live a comfortable life in a nice but normal house, and travel a lot too, instead of being stuck at home all the time in a big, snobby, lonely house.
2007-01-02 12:48:49 · answer #1 · answered by million$gon 7 · 0⤊ 0⤋
Unless the prize included a huge amount of cash to pay the taxes (and that money would be taxable also) most people would have to sell the house to pay the taxes.
Taxes on 2.5 million would be close to a million dollars. You would not be likely to get put on a payment plan for that kind of money - it's way beyond the ability for most normal people to pay. If you didn't sell the house to pay the taxes, the IRS would likely seize it, sell it for you, and apply the proceeds to your debt.
2007-01-02 13:34:13 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Most people would sell their present house and use the money from their house to pay for the taxes. The HGTV dreamhouse is something like this. They give the person alot of extra money to pay for taxes. Many won houses are in places where the taxes aren't that high.
2007-01-02 12:46:35 · answer #3 · answered by magooi1234 3 · 0⤊ 1⤋
Even getting a mortgage for the taxes would be too high.
BTW: The taxes would be closer to $950,000. Even if I paid the income tax I couldn't afford the property tax or upkeep.
2007-01-02 12:45:43 · answer #4 · answered by Barkley Hound 7 · 0⤊ 0⤋
Take out a mortgage on the house, but most people would sell the house.
2007-01-02 18:28:26 · answer #5 · answered by Steve R 6 · 0⤊ 0⤋
That is YOUR problem not THEIRS. You need to put it on the market since you cannot afford maintenance and financial upkeep. Big houses do not keep themselves.
Put it on the market and then buy a more afordable house after the big one sells.
2007-01-02 12:52:30 · answer #6 · answered by ? 7 · 1⤊ 0⤋
Sell it fast and buy a house for 1.5mil
2007-01-02 12:40:40 · answer #7 · answered by Jazz 4 · 0⤊ 0⤋
If you win something that you cannot afford, you sell it.
2007-01-02 12:39:53 · answer #8 · answered by Cammie 7 · 2⤊ 0⤋