Quick Answer: What Happens If You Win The HGTV Dream Home?

How is the HGTV Dream Home winner chosen?

HGTV home promotions manager Chesney Anderson told The Island Packet the winner is chosen in a random ping-pong ball draw.

Five alternates are chosen during the drawing, and HGTV performs a background check on the potential winners..

Why is HGTV bad?

#3: HGTV Gives Homeowners Unrealistic Expectations on Construction Timelines. … On HGTV, labor is already lined up for the entire renovation. Often times, they have traveling crews that go from house to house to do the work. In the real world, there is a major labor crisis going on in the construction industry.

Are HGTV home buyers actors?

Most HGTV viewers are aware that buyers have already chosen their homes by the time filming begins for shows like Fixer Upper and Property Brothers. … In fact, the show will not cast anyone who hasn’t already closed on a home.

What are the odds of winning the HGTV Dream Home 2020?

one in 1.35 millionBy entering every day online, you bring your odds of winning from “impossible” to one in 1.35 million. Not great, but if you lose, you haven’t lost anything except the brief time it takes to fill out and submit an entry form.

What are the taxes on the HGTV Dream Home 2020?

Overall, the federal income tax bill alone comes to a whopping $499,165 (see assumptions below) or 28.1 percent of the prize value!

Did anyone win the HGTV Smart Home?

Congratulations to Maureen Rustrianof Basking Ridge, New Jersey! She is our proud winner of the HGTV® Smart Home Giveaway 2019, a grand prize package valued at over $1.2 million.

Where is the 2020 HGTV Dream Home?

Hilton Head IslandSee every stunning space from HGTV Dream Home 2020, a charming coastal escape packed with high-end design and located on Hilton Head Island, South Carolina.

Do you have to pay taxes if you win the HGTV Dream Home?

The HGTV Dream Home prize is similar. If you win, you’re hit with a heavy tax bill because the IRS treats you as if you had made an extra few million dollars of salary. And that’s not all. If you choose to keep the house, it comes with its own costs.

What taxes do you pay if you win a house?

If you win a house in a contest, you’ll have to pay federal income tax on its value. Also, depending on your state, you may have to pay state income tax on any house you happen to win in a contest. Under Internal Revenue Service (IRS) rules, any prizes won in contests are taxable at the marginal tax rate.

Where is the next HGTV Dream Home 2021?

Discover HGTV® Dream Home 2021, a classic waterfront escape located in Newport, Rhode Island.

What is the cash option for HGTV Dream Home?

In lieu of taking title to the HGTV Smart Home 2020 (and the contents of the HGTV Smart Home 2020), the Grand Prize Winner will have the option of receiving Six Hundred Thousand Dollars ($600,000) (awarded in the form of electronic funds transfer) (the “Cash Option”).

Does HGTV pay for renovations?

HGTV does not fund the renovations, but they do cover the cost of one bonus item and pay a talent fee to Chip & Joanna. If you thought that renovation budget seemed impossible for everything Chip and Joanna accomplished, that’s because the buyers are basically getting the renovations done at a cost.

Who won HGTV Smart Home 2020?

Jyll DoubledayMeet the lucky winner of HGTV Smart Home 2020 in Pittsburgh, PA. Congratulations to Jyll Doubleday of Santa Barbara, CA; she is the winner of the HGTV® Smart Home 2020 sweepstakes, a grand prize package valued at over $1.5 million dollars.

Can you sell HGTV dream home after winning?

When it became obvious that the people winning its sweepstakes were unable to keep their new digs, HGTV began offering winners a cash option. Most winners now either go that route or sell the houses — often back to their builders, but rarely at full value.

Has the HGTV winner been notified 2020?

Meet the lucky winner of HGTV Dream Home 2020 on Hilton Head Island, South Carolina. Congratulations to Susan O’Gorman of Perry, Georgia; she is the winner of the HGTV® Dream Home 2020 sweepstakes, a grand prize package valued at over $2 million dollars.

Has anyone kept the HGTV Dream Home?

The 2019 HGTV Dream Home is located in Whitefish, Montana. … In fact, according to a 2018 Country Living report, as of last year, only six of the 21 previous winners of HGTV’s Dream Home contest ended up living in their prize homes for more than a year.