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Million dollar house for 50 bucks

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  #1  
Old 12/30/08, 11:25 AM
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Million dollar house for 50 bucks
http://www.fiftydollarhouse.com/
You pay 50 bucks to enter the drawing, they are hoping to sell a total of 27,000 tickets. drawing tomorrow morning. If this works, I might try to sell mine!!! for only 49 bucks!
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  #2  
Old 12/30/08, 11:37 AM
bostonlesley
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LOL..the fine print says that whoever wins this million dollar home will be given an IRS form 1090 so that they can pay taxes on the home's value ..wheeeee.
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  #3  
Old 12/30/08, 11:59 AM
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At a million dollars, that would come to $350k federal income tax!!! Yowks! That would be a heck of a burden, and brings the cost of the million dollar house up to 350,050. Not really a bargain to me.....
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  #4  
Old 12/30/08, 12:09 PM
 
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And even if the house appraised at a million, there's no guarantee you could even sell it for $350,000 now, to cover the taxes.
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Old 12/30/08, 01:41 PM
 
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What does it cost to heat 6000 sq feet during winter nowadays?
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  #6  
Old 12/30/08, 02:34 PM
 
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perhaps I guess it is equivalent to winning the lottery or something like that...what a terrible idea to burden someone with that much in taxes....blah...would rather have the money...
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  #7  
Old 12/30/08, 02:44 PM
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Hey, I wouldn't mind trying to sell my house that way! And I'd even pay property taxes accrued up to the closing...
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  #8  
Old 12/30/08, 03:24 PM
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Quote:
Originally Posted by Madame View Post
Hey, I wouldn't mind trying to sell my house that way! And I'd even pay property taxes accrued up to the closing...
Me too.

I thought you couldn't "raffle" but maybe the laws are different in Maryland. Most that I've seen have your write something and they never get enough entries (at least I haven't seen one, has anyone see one that received enough entries?).
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