I just don't get how the people on ABC's extreme home makeover can afford the taxes on their lavious new homes when most are down on their luck. Prizes are taxed as income. I would think an extreme home makeover would qualify as a prize winning.
2007-04-11 15:48:16 · 4 answers · asked by Bill B 1 in Home & Garden ➔ Other - Home & Garden
I have seen on the show that some of the winners are given extra money to help survive the money issues
Also, here in NJ, I beleive they are passing a law to give the4 families that won the makeover a tax break over I think 5 years.
Some of the families here had taxes of 3-4 thousand a year and after the makeover their taxes shot to over 12 grand a year.
Local law makers are trying to pass a tax relief for these families as stated above.
2007-04-12 04:04:16 · answer #1 · answered by Bugman 2007 3 · 0⤊ 0⤋
Prizes are taxed but some of the houses are mortaged and even though extreme home makeover redoes them, I do believe that the owners have to continue paying the mortage so they may not be as free as they seem.
2007-04-11 15:54:24 · answer #2 · answered by Judy 6 · 0⤊ 0⤋
Really good question. I am waiting for the true answer to this one.
I am specifically talking about the new higher taxes because of the impovements not the cost for the redo.
2007-04-11 15:55:12 · answer #3 · answered by Brick 5 · 1⤊ 0⤋
They finance it or sell it.
2007-04-11 16:05:55 · answer #4 · answered by Fordman 7 · 0⤊ 0⤋