The HGTV Dream Home 2023 Giveaway begins on December 23, 2022 at 9 a.m. ET and ends on February 16, 2023 at 5 p.m. ET. For more details about the home, visit HGTV Dream Home Central.
All federal, state, and local taxes on the Grand Prize are Grand Prize Winner's responsibility. The Grand Prize Winner will be issued a 1099 tax form for the actual value of the Grand Prize. The specifics of all aforementioned elements of the Grand Prize in the Promotion shall be solely determined by Sponsor.
Clay-colored hues, rocky grays and dusty greens are seen throughout the HGTV® Dream Home 2023. The home sits on 2.5 acres in the small Rocky Mountains town of Morrison, Colorado, home of the world-famous outdoor concert venue, Red Rocks Amphitheatre.
Host Brian Patrick Flynn and designers Breegan Jane and Steve Ford create a sun-drenched, ruggedly elegant home in Morrison, Colorado. Just minutes from Denver, this property is a dream destination that combines the best of nature, adventure and culture.
— HGTV's 2023 Dream Home, located in Morrison, has been claimed by a winner. Marie Davis of Rock Hill, South Carolina, is the recipient of the newly built, fully furnished home along with other prizes.
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According to HGTV, the grand prize includes the fully furnished house, plus $50,000 cash, valued at a total of about $684,000. Santo says the winner will be taxed at the top federal rate of 37 percent.
Host Brian revealed that the "dreamy mountain giveaway" has a lower level that is a garage and a basement, while up above it is a single-story living at its best.
The reason? Taxes. The estimated federal income tax bill on the $2.3 million prize package that Fulkerson won would be about $789,140, according to Mark Luscombe, principal analyst at Wolters Kluwer Tax & Accounting.
According to HGTV's official sweepstakes rules, the 2023 cash option is $750,000, accepted in lieu of the house and its contents. The winner also gets the vehicle and cash prizes, usually a nice car, and $100,000 to 250,000.
If the winner opts for the cash alternative, the Dream Home crew is usually able to sell the home in a month, sometimes in days. Though the new owners remain nameless, they purchase the homes at or around the price that HGTV deems the houses worth, but “ rarely at full value. ”
That means you'll pay taxes at your marginal rate because the value of the prize is on top of any income you've earned from employment and investments. Another problem: Most dream home prizes are located in areas with higher costs of living.
The sales taxes on the 2009 house in Sonoma, California, were $500,000, and the annual property taxes were $25,000. So the winner sold the place three months after she won it, for $2.2 million, and donated the contents of the home — valued at $187,000 — to charity.
Betsy Ayala, the senior vice president of production & development for HGTV, explains, "Most if not all of our flipping shows are staged," meaning the furniture does not stay in the home after filming. Much like real estate agents stage a home for viewing, HGTV does the same for homes before shooting the final scenes.
Out of millions of entries, just one grand prize winner will be selected randomly out of all eligible entries HGTV received during the promotion period. Winners will also be contacted via phone or email!
Designed by Western Design Group and built by Mountain Plain Homes, the 4,360-square-foot property boasts three bedrooms and three bathrooms. HGTV decorator Brian Patrick Flynn, who helmed the house's interior design, spoke with PEOPLE about its unique style and one-of-a-kind features.
But here's a bit of information that the HGTV fans may not be aware of - many of the stylish homes appearing on the network's shows are available as vacation rentals through websites such as HomeAway, Airbnb and VRBO.
If you win a car, you'll have to pay roughly one-third of the car's value in taxes—but you might be able to lower your payment by working with a tax expert. Whether your name was selected out of thousands in a raffle or you took home the top prize on a national game show, winning a car is a thrilling experience.
New Show Starring Chelsea DeBoer of 'Teen Mom 2' Will Hit HGTV in January. Chelsea and Cole DeBoer of Teen Mom 2 will flex their renovation and home design skills in HGTV's new reno series Down Home Fab — premiering January 16, 2023.
Bargain Block: Season Three; HGTV Home Renovation Series Renewed for 2023. Bargain Block is returning to HGTV for a third season. The cable channel has renewed the series for 10 episodes which will arrive this summer.
See every stunning space from HGTV Dream Home 2023, a grand mountain escape packed with high-end design and located in Morrison, Colorado.
Do Homeowners Get Paid to Be on Love It or List It? To put it simply, no. While HGTV doesn't specifically address payment in their application, they do note that homeowners now must have a $100,000 renovation budget (this requirement was previously $50,000 and then $75,000).