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| *Loan,banking and credit>>>income tax |
If you enter a raffle to win a luxury home, and win, How do you pay the income taxes? |
I am thinking about entering a raffle where the prize is a new luxury furnished home that they say is a $5 million prize. I don't even think a could afford a mortgage payment on the financing the income tax. Sell the house, buy a house worth half the price and pay your taxes. pay with cash and get a receipt Win the home, sell it, and then buy a smaller home and pay off the taxes. Doesn't it count on next year's? It depends on the state you are in. You may not have to pay state taxes on it. You WILL have to pay federal taxes on it. You can indeed set up a payment plan through an attorney or CPA. You pay with cash if you have it. If not you must take a mortgage against the property to pay the tax or obtain financing in some other form. http://www.minnesotamortgageloan.net... If it's the Better Homes and Garden contest they have every year, they have NEVER had a winner who could afford the taxes. They had to sell the house. However, they still made a hefty profit and were able to buy a smaller house. |
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