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I am seriously considering entering the contest. Any one in that area? What's it like up there? I'd be moving from GA. with 2 teenaged daughters (homeschooled), several goats, chickens, guineas, dogs and cats. The deadline is today. I can get it postmarked today up until midnight at the main post office. Should I do this?
 

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Just remember taxes. I'm no tax person, so take this with a grain of salt.

Where I grew up these were very normal, several run each year by charities. I liked them since it was for a good cause. When I moved to the US I never saw them and wondered why.

I'm to tax lawyer, but as I understand it you'll owe taxes on the house at it's appraisal value if you win it. Kind of like owing taxes on your lottery winnings. So let's say it's $270,000 and you're taxed at 30% then you'll owe $81,000. Checked with tax advisor?

More than likely you'll just lose $175, so it doesn't mater.
 
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Ok just a quick response, Im supposed to be packing for our camping trip. :) A few years back I worked with a women who won one of those houses, custom built in a "high end" side of town and the ticket was $100. I don't remember the taxes on it, but her advisor told her to go ahead and take the house, and take a lean out against the house to pay the taxes. So she still had a mortgage, but less than half of what it would have cost her to have that house built herself, in that neighborhood. So thats my 2cents. I also agree with above posters, only do it of you really have extra money, b/c Im sure there will be more than a few people interested as well. She went thru the approval process of the loan before she signed on it, and also sold her existing house.


HTH
_------------Almostthere
 
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