Seriously thinking about entering the $175.00 house giveaway

Discussion in 'Homesteading Questions' started by sancraft, May 28, 2004.

  1. sancraft

    sancraft Well-Known Member

    Jun 7, 2002
    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?
  2. Bink

    Bink Well-Known Member

    Apr 13, 2003
    Beautiful Kentucky
    Can you gamble $175? Will it hurt you to lose that money?

  3. ajoys

    ajoys Well-Known Member

    May 12, 2002
    If you have the money to burn or are willing to spend it and it won't hurt you financially, like not being able to buy something this month that is needed, then I say go for it.
  4. boren

    boren Well-Known Member

    Jan 7, 2004
    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.
  5. 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.