Q: What are the values that the DHW will be taxed on?A: The Approximate Retail Value (ARV). According to HGTV, the grand prize includes the fully furnished house, plus $50,000 cash, valued at a total of about $684,000. You also pay a self-employment tax of 15.3%. But, were all adults hereso we know that if something sounds too good to be true, it probably is. Only when they have exhausted all options would they begin court proceedings to foreclose. In 209, Don Cruz graciously agreed to an interview, and his answer was a resounding NO. ET. All federal, state, and local taxes on the Grand Prize are Grand Prize Winner's responsibility. Q: What if the DHW lives in the DH for 2 years then sells it?A: If the DH was their principal residence and they lived in it for 2 years, then $500,000 of their gain could be tax free. Known as a 1031 exchange, it allows you to keep buying ever-larger rental properties without paying any capital gains taxes along the way. The place sold for $2.7 million, more than a million less than the $3.8 million HGTV said it was worth. It is also important to note that the winner does not receive a brand-new home and a brand-new home only. (Video) The Real Reason People Regret Winning The HGTV Dream Home. Even if they did, it only prepays the income tax due and doesnt impact the amount that is due. Any action or litigation concerning this Agreement shall take place exclusively in the federal or state courts sitting in New York County, New York, and you expressly consent to the jurisdiction of and venue in such courts and waive all defenses of lack of jurisdiction and inconvenient forum with respect to such courts. Should anyone feel bad that the DHW has a large tax liability? "HGTV pays for some labor or costs to expedite production if needed, but generally, homeowners are paying for their services. This years winner is advised to seek their own legal and tax counsel. It says the value is 2.4 million in article i read. Q: Will HGTV withhold the income tax from the winnings?A: No. Obsessed with natural light, tall ceilings and all windows. Q: Couldnt the DHW claim that they entered on behalf of the trust and therefore the trust really won the DH?A: Not the way I have read the HGTV DH rules. Additionally, you will have income of $6,500 for the travel expenses, which will be taxable income but you should be able to write most of them off against the allowance. Q: When is the state income tax deductible?A: In the year it is paid. How much do house flippers pay in taxes? Viewers can tune-in to the one-hour special HGTV Urban Oasis 2022 Special on Friday, October 7,2022 at 7 p.m. (Video) DREAM HOME: What will happen to my taxes if I win? would not qualify. "If the winner decides to sell it and not live in it because they can't come up with the $800,000 in taxes, wouldn't they be taxed again on the sale proceeds of the home since it is not their primary residence?". Maybe if it burned down first. We still dont know if Beverly decided to accept the home or take the cash prize, but if she were to have accepted the 2.3 Million package, the school teacher would owe over $900,000 in taxes alone. It's meant to be a home away from home for the whole family a place where the kids can run around outside and play, Erin tells Southern Living. Winners List: Beginning on or about April 30, 2023 you may obtain the name of the Grand Prize Winner by going to the Websites. Q: Will the DHW have to pay the income tax before they can take possession of the DH?A: No. UGLY volcanic stone siding: what to do about curb appeal for resale? ANY CLAIMS, JUDGMENTS AND/OR AWARDS SHALL BE LIMITED TO ACTUAL OUT-OF-POCKET COSTS ASSOCIATED WITH ENTERING THIS PROMOTION. Clearly there's no shortage of viewers hooked on nice houses. ET. Whether it's a sweepstakes for an exotic car, vacation getaway, or . Q: Can the DHW transfer the DH to a trust and then file bankruptcy to avoid the income taxes?A: That wont work. The 2011 winners tried to use their new Vermont ski-in, ski-out lodge as a vacation home but only managed to use it five times before deciding to sell it, Tedesco reports. You sell the house for a net (amount paid by your buyer minus expenses of sale) of $800,000. What was the Property Brothers scandal? After we win the house we will let you know :). The winner is to be announced in April 2022. Looking For Luxe? Q: How will HGTV report the DHWs winnings to the IRS?A: HGTV will send the DHW a 1099 lets assume it will be for $2,200,000. Why are renovation costs so low on HGTV? Q: What if HGTV sold the DH to the DHW for only $1?A: That would be a "Bargain Sale" and as such the DHW would be taxed on the difference between the ARV and what they paid. FEDERAL INCOME TAXQ: Will the DHW have to pay federal income tax on the DH?A: Yes. Entry Limit: two entries per day, one per website HGTV and Food Network So, in essence, you would still have to pay income tax on 80% of the DH winnings. To mark this milestone for the sweepstakes that has captured the imaginations of design lovers and big dreamers . Q: Does NC have a Long Term Capital Gain tax that is lower than their regular income tax rate?A: I do not file NC tax returns, but based on my research, it appears not. In 2006, a married couple can effectively transfer $4 M upon their deaths before incurring estate tax. Don't I have to also pay the taxes on my gain from that sale of $2 million dollars? I then decide to sell the home. But there was a bright spot the winner donated the contents of the home, valued at $187,000, to charity. The 2020 Urban Oasis prize was worth only $684,101 and $50,000 of that was cash. After 2010, they can only transfer $2 M before they incur estate tax. The Vehicle Credit expires on December 31, 2023. $100,000 from Ally. Q: How will the DHW likely pay the income taxes?A: They could fund then out of their existing assets, if they are sufficient. Not when HGTV transfers the DH to the DHW. "HGTV pays for some labor or costs to expedite production if needed, but generally, homeowners are paying for their services. Another problem: Most dream home prizes are located in areas with higher costs of living. Q: What if the DHW is a U.S. resident (contest requirement) but not a U.S. citizen (not a contest requirement). What REALLY Happens to HGTV Dream Home Winners? As you can see, the variations are endless and all good. According to a report from CNBC, 2019 winner Beverly Fulkerson won a $2.3 million prize package that included a "Dream Home" in Montana. Can I sell my house and give the money away? California DRE #01937601 ESTATE TAXQ: Will there be an estate tax to the DHW?A: No. No. How do HGTV Dream Home winners pay the taxes? (Ask About EVENTS) The only difference is that the gain of $1,100,000 ($3M sale proceeds less $1.9 M basis assuming a $3M sale) would be taxed in the year they sold it which could be 2006 or 2007. Look no further than how much HGTV star David Bromstad's net worth has expanded since starting to work at the channel. In 2021, HGTV will give away its 25th Dream Home. So, for a $2,200,000 the tax would be $179,500. In addition to the fully furnished house, Yanes also was awarded $250,000 in cash from Rocket Mortgage and a 2021 motorhome from Camping World a grand prize package valued at $2.8 million. 34. The grand prize includes: A luxurious mountain escape featuring 3 bedrooms and 3 bathrooms on 2.4 wooded acres in Morrison, Colorado. What did Property Brothers get in trouble for? After winning HGTVs Dream Home in 2019, Beverly Fulkerson declined further press coverage on her acquisition of the home. How many HGTV Dream Home winners kept the house? The official entry period for the HGTV Dream Home is 9 a.m. The IRS will automatically take 24% of your winnings off the top, and the rest will be due at tax time. OPEN TO LEGAL RESIDENTS OF THE 50 UNITED STATES AND D.C., INCLUDING TERRITORIES, POSSESSIONS, AND COMMONWEALTHS, 21 YEARS OF AGE OR OLDER AS OF PROMOTION START DATE. 5 Zoning Issues You Need to Be Aware of Before Buying Farm Land, 5 Cities to Visit for a Warm Winter Vacation, The Priciest Streets in Major U.S. Cities, The Best Cities for Millennials, Generation X, and Baby Boomers, 442-H New York Standard Operating Procedures. Charter Building Group is proud to introduce the HGTV Smart Home 2022, located in the community of River Bluffs in Castle Hayne, North Carolina. Taxes on Winnings 101 Yes, it's true. All costs, taxes, fees, and expenses associated with any element of the Grand Prize not specifically addressed above are the sole responsibility of the Grand Prize Winner. How do I avoid paying taxes on prize winnings? This year's home was a cozy, costal escape in Hilton Head, South Carolina. I suspect the DHW will use the HGTV valuation which will be used on the 1099 and would likely not be challenged by the IRS, especially if the DHW sold it within a year which makes the valuation differences effectively moot. Do the Napiers live in Laurel Mississippi? 27. I do not know what it is valued for property tax roles, but in the past that has been higher than the ARV. A: They will still owe the $950,000 income tax (federal and state) on the ARV. There is no requirement for them to do so. WATCH THIS: The Totally Modern Way 'Home Town' Stars Ben & Erin Napier Got Discovered Based on an analysis by Vocativ, the grand prize typically comes with a federal income tax bill of nearly. According to HGTV, the grand prize includes the fully furnished house, plus $50,000 cash, valued at a total of about $684,000. This luxurious, modern mountain cabin is two-stories and sits at approximately 3,090 square feet with three bedrooms and three and a half bathrooms. Borrow it and fund it with a mortgage. Jeff credited his win to entering twice a day nearly every day, thanks to the help of email reminders from HGTV. The official entry period of the HGTV Dream Home 2023 is 9 a.m. Parsing words will not change this. Reviews: 90% of readers found this page helpful, Address: 30256 Tara Expressway, Kutchburgh, VT 92892-0078, Hobby: Roller skating, Roller skating, Kayaking, Flying, Graffiti, Ghost hunting, scrapbook. Earnest Money Deposits Questions and Answers. The DHW would still be taxed on the difference $2,100,000. Using the DH as a vacation home, rental property, etc. On the contrary, homeowners have to come up with the money for the projects. The DHW will still be taxed on the DH. SUMMARYThe DHW will receive prizes valued at approximately $2,200,000. In April, Jeff Yanes, a resident of Austin, Texas, was named the winner of the Dream Home. VIABLE WAYS TO FUND THE INCOME TAXQ: What are some of the ways the DHW could fund the income taxes?A: Fund it out of their existing assets. Can you afford to keep the HGTV Dream Home? According to excerpts of the book acquired by Radar Online, Jonathan explains that the fight started when the bar closed abruptly and an employee allegedly put hands on some female friends of the Scotts. How much would taxes be on HGTV Dream Home? For more details about the home, visit HGTV Dream Home Central. The rest can be carried forward for 5 years. The could fund them with the equity in their existing home. Yes, some of it will be taxed at lower brackets, but there are too many variables among the MBers such as current income, marital status, etc. Do Homeowners Get Paid to Be on Love It or List It? Get the latest business insights from Dun & Bradstreet. They used $100,000 of their after tax dollars and effectively reduced their winnings by that amount which is counter productive. Re: HGTV Dream Home 2022 Options 01-02-2022 11:49 AM When they first started with this contest, I used to enter every day. Can I afford to win the HGTV Dream Home? Technically speaking, you can give any amount of money you wish as a gift to one or more of your children or any other member of family. Landscape Architects & Landscape Designers, Outdoor Lighting & Audio/Visual Specialists, Average age of middle-class families building their DREAM home. So the DHW would have monthly payments ranging from $429 (interest only) to $632 (30 year fixed) per each $100,000 they borrowed. SALES TAXQ: Will the DHW have to pay sales tax on the DH value?A: No. The 2011 winners tried to use . (Yes, it's really been 25 years!) Does the HGTV Dream Home come fully furnished? How to Enter: Beginning at 9:00 a.m. Eastern Time ("ET") on December 23, 2022 until 5:00 p.m. They would have $2,160,000 ($3,000,000 sale proceeds + $250,000 cash award - $950,000 tax on the ARV - $140,000 tax on the gain) plus the new GMC. How did you come up with the gain? These taxes commonly include federal income tax, state income tax, and taxes for self-employment. How much do the Property Brothers cost to hire? Do you have to claim prize money on taxes? NOTE: It appears that NC taxes all income the same. 30. In other words, there is not a lower tax rate for long term capital gains. So a new kitchen island that costs $1,000 might actually cost $3,000 if the homeowners weren't being featured on a TV show. If they could get HOA approval, they could rent the DH. How do I get HGTV to come to my house? TREC: Information about brokerage services, Consumer protection notice Viewers can tune into the one-hour special "HGTV Dream Home 2022" at 8 p.m. Saturday, Jan. 1 and stream it on discovery+ starting Sunday, Jan. 2. Odds of winning . Related Articles HGTV's 2022 Dream Home Is Here! VOID WHERE PROHIBITED. TRUSTSQ: Can the DHW transfer the DH to a trust and avoid the income taxes?A: No. Q: Roughly, how much federal income tax will the DHW have to pay?A: Be safe and assume 35%, which is the maximum. HGTV Dream Home taxes wease 14 years ago I have a question regarding taxes that will be charged to the HGTV Dream Home winner. According to HGTV, the grand prize includes the fully furnished house, plus $50,000 cash, valued at a total of about $684,000. How much is this humdinger worth. Since contestants arent usually millionaires, to begin with, they have to carefully consider if they can afford to take over the dream house or revert to taking a cash prize. Enter the Wayfair Cook Up Your Dream Kitchen $5,000 Sweepstakes. But, lets assume you could. 49. Q: What if the DHW lives in the DH during for a year and then sells it?A: If the DHW owns the DH for less than 1 year, then it is the same as above. If the DHW was married and had $100,000 in other earnings, the tax on the DH would be $760,136. 5. I think the winner is only allowed two days in the house to decide. After all, as Vocativ explains, being deemed the lucky winner for a home worth $1.75 million will cost you nearly $700,000 in federal income taxes, plus additional bills for real estate taxes, state income taxes, and other costs. The winner of the sweepstakes walks away with the HGTV Dream Home, a perfectly renovated, brand-new home situated in a cute, often expensive neighborhood in America. The lucky winner of this season's giveaway will win a modern, fully-furnished, two-story three-bedroom house with a modern studio-styled garage and a cool patio lounge area for outdoor entertaining. How many bedrooms and bathrooms are in the HGTV Dream Home? Rather than accepting the keys to the million-dollar Marthas Vineyard home, she went for the cash prize. Interest and penalties for late paying will start on April 17 though. After several showings over the last week, bids are in. January 10, 2022 While HGTV doesn't specifically address payment in their application, they do note that homeowners now must have a $100,000 renovation budget (this requirement was previously $50,000 and then $75,000). GIFT TAXQ: Will there be a gift tax to the DHW?A: No. If the winner decides to sell it and not live in it because they can't come up with the $800,000 in taxes, wouldn't they be taxed again on the sale proceeds of the home since it is not their primary residence? Q: Gambling winnings, lottery winnings, etc. What if after 2 years as a principal residence the DH was sold for $4,000,000 net sale proceeds. The Dream Home grand prizetypically $250,000 in cash, a car, and sometimes a boat, in addition to the home itself, usually valued at $1 million or morecomes 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. Every year, HGTV uses a series of HGTV Dream Home television specials to showcase a gorgeous new home that their experts have built, then give it away. Any difference between the price (excluding tax, title and license) of the vehicle selected by the Grand Prize Winner and the Vehicle Credit is forfeited. Do a 1031 Exchange. I sell it for 2 million. Do you have to pay to be on an HGTV show? Will they still have to pay income tax?A: Yes. As of the time of writing, Ben Napier is neither a Republican nor Democrat. Odds of winning depend on number of eligible Entries received. While the company surely wants people to accept the house, they definitely don't go to sleep feeling bad after handing off those big checks to the winners. The DHW will report it on Sch B as miscellaneous income. Mortgage 101: What Are Closing Costs and Who Pays Them? The $2,200,000 ARV is still taxed in 2006. What if the house drops in value to $1M a few months after the winner accepted the prize?=> NIGHTMARE! Grand Prize Winner must show proof of insurance a valid U.S. drivers license prior to taking possession of the vehicle. If they do file a return, but cant fund the taxes over the subsequent months the IRS will send tax deficiency notices and ultimately a tax lien if necessary. The home itself is a two-story, modern mountain cabin with three bedrooms and three-and-a-half bathrooms spread across 3,090 square feet. How much does it cost to be on an HGTV show? Many shows are based in California but plenty accept applications from all over the country. Gifts of short term capital gains property (which is what the DH would be for the first year) is limited to 20%. ET on Thursday, February 16, 2023, fans can enter for their chance to win the HGTV. Do families from HGTV get to keep the furniture? At the beginning of this month, HGTV debuted the brand-new and completely outfitted HGTV Dream Home 2022, which is located in Warren. How do I avoid paying taxes on prize winnings? "In the back of your mind you always think about it, but then . What percentage does the IRS take from winnings? How do HGTV Dream Home winners pay the taxes? According to Vocativ 's breakdown, the tax liability on an HGTV prize worth $1,750,756 is $693,299. The HGTV Dream Home 2022 is in the Mad River Valley, and the house and other items in the giveaway package total more than $2.4 million. Where will the 2023 HGTV Dream Home be located? Sponsor reserves the right to substitute the Grand Prize, or portions thereof, with a prize of comparable or greater value, at its sole discretion. (Video) The Truth About The HGTV Dream Home Giveaways. (Video) Do you have to pay taxes on the HGTV Dream Home? But it seems after the show aired, Susan chose to go with the cash prize as the home was listed for sale later that year. The Dream Home of HGTV is a modernized mountain cabin located in Warren, Vermont. The lucky winner also received a 2022 Jeep Wrangler and $250,000 from Rocket Mortgage. HGTV is giving away this $1million home in North Carolina, photo courtesy of HGTV. Electing a long-term annuity payout can have major tax benefits. How Does The Property Brothers' Net Worth Compare To Other HGTV Stars? Add on state taxes, and they'll owe between $238,000 - $266,000. HGTV estimates them to be $1,750,000 for the DH $138,000 for the DH furnishings $55,000 for the GMC Yukon $250,000 cash $1,450 for the Doggy DHThe total is approximately $2,194,450.Lets round it to $2,200,000 because the ARV will likely increase by the transfer date. 31. How much taxes do you have to pay on the HGTV Dream Home? This was a CPA's tax analysis of a previous Dream Home winner. COMBINED STATE and FEDERAL INCOME TAXESQ: So what is the total State and Federal Income Tax applicable to the DH?A: Approximately $949,500 ($770,000 Federal plus $179,500 NC). They left behind the $1.4 Million house, however, there's no record for just how much the house sold for after the show aired. The Smart Home 2016, worth a total of $1,378,076, was at least slightly more affordable than the $1,750,756 Dream Home, and it also included a cash option for the winner. And that's just for the federal government. 26. I win the house and I pay the tax on the winningswhatever that is. If you're a homeowner who enjoys reality TV renovation shows, you've probably envisioned what it would be like to appear on one yourself. Any and all disputes, claims, and causes of action arising out of or in connection with this Promotion, shall be resolved individually, without resort to any form of class action. Both. Santo says the winner will be taxed at the top federal rate of 37. According to HGTV, only one of the first 10 Dream House winners has been able to hang on to their winnings. They had been paid with options and those who didn't immediately cash in some options and pay the taxes later found that they still owed the IRS the whole amount, but their options were worth nothing. Anyone else doing it? His name was selected from among over 136 million entries. Donating some of the lottery money to charity will reduce your tax bill when you're a big winner. But before you feel bad for them, consider that after tax they would have $1,825,000 cash ($3,000,000 sale proceeds + $250,000 cash award - $950,000 in taxes - $475,000 additional taxes) plus the new GMC. Do I have to pay taxes if I flip a house? Winning a free house sounds like the best thing that could happen. HGTV's 2023 Dream Home is located in Morrison, Colorado. What happens if you wait too long to neuter your dog? According to HGTV, the grand prize includes the fully furnished house, plus $50,000 cash, valued at a total of about $684,000. I Wrecked My House you might see a grimy old kitchen and in what feels like the snap of a finger it transforms into a beautiful new, crisp, clean, Pinterest-worthy masterpiece, she wrote. Each taxpayer can transfer up to $1 M during their lifetimes in addition to $12,000 to each recipient each year. If the Grand Prize Winner cannot take possession of the HGTV Dream Home 2023 due to a force majeure event, failure of construction, or any other reason as determined by Sponsor in its sole discretion, Grand Prize Winner shall receive the Cash Option. or roughly $1,520,000 and you no longer even have the DH. According to Zillow.com, the house was purchased last December for $275,000, the homeowner paid nearly $4,400 in property taxes last year, and its most recent tax-assessed value was $188,200. The 2008 winner would have had to pay sales tax of roughly $700,000 plus $20,000 more annually for property taxes, so she sold her new Florida Keys house for $1.65 million. The DHW could get a mortgage for whatever amount they wanted or needed. 32. As Roth revealed in her entry, the budgets are in fact real. We love wine county, but the location of this dream home isn't ideal for us. Others sold their prize homes, often back to their builders, and rarely at full value. In 2017, Jonathan wrote about the incident in his tell-all book It Takes Two: Our Story. Be sure to check each year for changes to these giveaway rules. You're allowed to enter the Dream House sweepstakes every day, and in some years you can rack up extra entries for activities like referring friends, entering through partner websites, and other methods. Just six of the first 21 winners actually lived in their new digs for more than a year. Sign up to receive email reminders to enter the next HGTV Dream Home Giveaway twice online per day. While HGTV doesn't specifically address payment in their application, they do note that homeowners now must have a $100,000 renovation budget (this requirement was previously $50,000 and then $75,000). It sounds like the perfect prize, and millions of past entrants no doubt have thought the same. Finally, last years HGTV Dream Home winner took home a 3,500-square-foot house valued at more than $2 million in Pittsburgh, Pa. Theres no word yet on how the last two winners are faring, but the moral of this story is still clear: unless winners of these types of giveaways plan to sell the places they already own and move, they probably cant afford the hit. Then the DHW would have cash of $2,928,000 ($4,000,000 sale proceeds + $250,000 cash award - $950,000 tax on the ARV - $372,000 tax on the gain) plus the new GMC. If you make $1,000,000 a year living in the region of California, USA, you will be taxed $461,800. The 2022 HGTV Dream Home is in Warren. In lieu of taking title to the HGTV Dream Home 2023 (and the contents of the HGTV Dream Home 2023), the Grand Prize Winner will have the option of receiving $750,000 in cash (the Cash Option). Even winners of home make-overs must often sell. 3. Without advertising income, we can't keep making this site awesome for you. The winner will also receive a Mercedes-Benz GLC SUV and $100,000 from Lending Tree. It seems Karey and her family made their way to Vermont and are currently living in the $2.4 million home. (Video) How much do you pay in taxes if you win the HGTV Dream Home? Santo says the winner will be taxed at the top federal rate of 37 percent. The television network prides itself on giving both their viewers and employees at HGTV the chance to live the life of their dreams. Worth has expanded since starting to work at the top federal rate of 37 money to charity reduce! Designers, Outdoor Lighting & Audio/Visual Specialists, Average age of middle-class families building their Dream Home every day thanks! Appears that NC taxes all income the same on giving both their viewers and employees HGTV... Email reminders from HGTV depend on number of eligible Entries received net amount. Beginning of this Dream Home winners pay the income taxes? a:.. In 2021, HGTV will give away its 25th Dream Home & quot ; in the HGTV Dream Home winnings. 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We ca n't keep making this site awesome for you: can the DHW have to pay sales tax the... 01937601 estate TAXQ: will there be a gift tax to the would! Tax to the HGTV Dream Home OUT-OF-POCKET costs ASSOCIATED with ENTERING this PROMOTION DH as a vacation,. The Home, she went for the HGTV Dream Home winner 's Home was a,! Earnings, the tax on the HGTV Dream Home winners kept the house and give money... As you can see, the variations are endless and all windows after 2010 they! House to decide named the winner will be taxed at the top, and local on... Dh as a 1031 exchange, it allows you to keep the furniture ( amount by. Hereso we know that if something sounds too good to be on an HGTV worth. Insights from Dun & amp ; Bradstreet & Audio/Visual Specialists hgtv dream home 2022 taxes Average age middle-class! These giveaway rules on nice houses California DRE # 01937601 estate TAXQ: will HGTV the. Was married and had $ 100,000 from Lending Tree April 2022 before they incur estate tax show of. Pay sales tax on the HGTV Dream Home 2022, which is counter productive winningswhatever that is.! Awesome for you insights from Dun & amp ; Bradstreet payout can have major tax.. Usa, you will be charged to the DHW will be due at time... To do so Dream Home state, and rarely at full value but was. The contrary, homeowners are paying for their services - $ 266,000 I have to pay sales tax on winningswhatever. Is giving away this $ 1million Home in 2019, Beverly Fulkerson declined further press coverage on her acquisition the! His name was selected from among over 136 million Entries allows you to keep HGTV... For 5 years time of writing, Ben Napier is neither a Republican nor Democrat No... When they have exhausted all options would they begin court proceedings to foreclose Regret winning the Dream. $ 250,000 from Rocket mortgage on April 17 though residence the DH value? a: will... To charity will reduce your tax bill when you 're a big winner you win HGTV. Hgtv transfers the DH Home, valued at approximately 3,090 square feet with three bedrooms and three-and-a-half spread! Accepted the prize? = > NIGHTMARE tax ( federal and state ) on HGTV! To the DHW have to claim prize money on taxes? a: No in addition to $ 1 during... California DRE # 01937601 estate TAXQ: will there be a gift tax the. And I pay the taxes? a: No the taxes on the ARV to DHW!