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If I win St Jude's Dream Home, how do I pay the taxes on $350,000?

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October 08 2009 - Clovis
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Profile picture for ilovemywillow
From official Terms and Conditions:  
Winners of all prizes are subject to any and all Federal and State income taxes and any other taxes payable due to their acceptance of their prize and the law, regulations, procedures, rules and directives applicable to raffles. All federal, state and local laws relating to the transfer, ownership or use of the prizes apply. Prizes shall not be transferred until all legal requirements have been met. The winner of the house agrees that the written determination of a licensed appraiser obtained by SJCRH will be used to determine the value of the house for income tax and all other purposes. The IRS requires that taxes on prizes valued greater than $5,000 must be paid upon acceptance and before SJCRH may deliver the prize to the winner. Winners are encouraged to consult a tax professional.
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June 15 2012
Profile picture for ilovemywillow
The rules require that all income and other taxes be paid BEFORE accepting the prize.  That blows my idea of getting a mortgage on it to pay the taxes.  Selling the house would not work.  I googled this because I wanted to know what to do WHEN I win. ;-).  This year's dream home is worth $450K. At 20% income tax that would be $90k plus all transfer fees.  Who could do that but a person who is already rich.  I am sure there is a greedy bank out there that would work with the winner.
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June 15 2012
You can either put the home up for sale and walk with the cash you can get or pay the property taxes. If you win you should make a trip to visit your cpa. best of luck
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October 08 2009
 
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