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Posted: Wed May 13, 2009 7:51 pm
by Exit Zero
Connie , If I bummed you out on the viability of the drawing I apologize - it could happen.
If it was the tax liability issue that distressed you - well the IRS sorta subscribes to the ' there is no free lunch ' theory on lottery winnings. You would owe them well in excess of $700,000 in income tax plus SS and Medicare on a smaller portion of the 2 Million.
Ca Girl -- if you qualify for a Jumbo 3/4 Million dollar second mortgage you should look into buying a house here instead. There are some really nice ones in that price range.
Posted: Thu May 14, 2009 12:35 am
by arenee
This is probably a really stupid question. I looked under the terms and conditions section for the answer but I didn't see it. Do you think the furnishings are included. I'm guessing they are not since it isn't listed. Did I miss that somewhere?
Posted: Thu May 14, 2009 7:16 am
by waterguy
Most Island houses are sold furnished because of the renters and it would cost to much to ship them else where
Posted: Thu May 14, 2009 7:33 am
by Xislandgirl
This has become a trend here in the states, but in most cases it is for charity. Not a huge trend but it is happening and a quick google search will show you the many successes. Yes, there are tax implications, as with anything, so you need to do your research ahead of time.
It is not like buying a raffle ticket at your local town fundraiser with the chance of winning a car, but it can prove successful if all the terms are met. If I really thought that I could afford the upkeep of the property and the taxes, I would call my lawyer and get some advice. If he (and my checkbook) gave me the ok, I would do it. It is $100, what do you have to lose...other than your $100?
Posted: Thu May 14, 2009 10:33 am
by jclampet
Win it, Sell it, pay your taxes, take a few more vacations...
(Unless you can afford to actually live there that is)
.
Posted: Thu May 14, 2009 3:16 pm
by Exit Zero
I think if they could 'sell it' they wouldn't be having a raffle.
Posted: Thu May 14, 2009 4:21 pm
by California Girl
Exit Zero wrote:Ca Girl -- if you qualify for a Jumbo 3/4 Million dollar second mortgage you should look into buying a house here instead. There are some really nice ones in that price range.
You nailed it Exit! Unfortunately, I can only dream! 
Posted: Fri May 15, 2009 6:56 pm
by benchill
Not sure what they would use as a cost basis for income taxes on this house. It sold 4 years ago for $890k. The market has not increased since then or maybe even retracted. Being an all wood house and not masonry probably hasn't increased its value either. They have remodeled the kitchen nicely since then.
This house does, however, have incredible views, no denying that one. The IRS may say the views are worth million$! LOL.