Please don't pick me!
Don and Shelly Cruz won the $1 MM HGTV Dream Home last year. They got a house worth $1.75 MM. (Maybe it's the "$1 MM adjusted for inflation dream home?) They got a car. And some money.
According to an article in Money Magazine (June 2006, not online), they spent most of the money. And now they owe $672,000 in taxes. There's a good summary here.
It looks like there was some discussion of the issue on HGTV's web site, which has been removed (and even uncached.) Nice.
As long as people get excited about non-cash prizes, companies will keep offering them. But when will people figure out that paying 40% (in taxes) of the price of something you don't want isn't a good deal?
At least some people are smart enough to turn them down.
According to an article in Money Magazine (June 2006, not online), they spent most of the money. And now they owe $672,000 in taxes. There's a good summary here.
It looks like there was some discussion of the issue on HGTV's web site, which has been removed (and even uncached.) Nice.
As long as people get excited about non-cash prizes, companies will keep offering them. But when will people figure out that paying 40% (in taxes) of the price of something you don't want isn't a good deal?
At least some people are smart enough to turn them down.
posted by Eric at 1:29 PM
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