Well, it's only the tax that's due and not the total amount that the house is worth. I think I remember Chrizzy mentioning up to 40% of the total value in tax somewhere along the line. It still means you get 60% free!
Well, it's only the tax that's due and not the total amount that the house is worth. I think I remember Chrizzy mentioning up to 40% of the total value in tax somewhere along the line. It still means you get 60% free!
blott
i can feel this topic sinking to the villa owners [msnwink]
how much time do you have to pay the tax and could you pay it off with the rental therefore not having to pay any actual monies
tezz 7628
Paid on taking it over Tezz so hence I mentioned a mortgage earlier...
It only applies if you win it!
blott
i was wondering maybe end of tax year or maybe end of following year, but never mind, thanks anyway
tezz 7628
<blockquote id="quote" class="ffs">quote:Originally posted by E. Cosgrove
I thought they said 13th was live from Florida[?]
[/quote]
corrected my mistake just heard it again today [msnwink]
tezz 7628
The other option would be to accept the prize and then sell it and buy a more reasonably valued house to use and rent out. Although this would incur costs, you should still be left with a lump sum to aid the running costs of the villa.
I wonder if you would be hit with US tax, if you didn't set up a US business to rent out straight away as, although the prize is a US property and will attract the standard property taxes, it is a UK based company giving a prize away to a UK resident, even though the prize is in a foreign country.
In a similar way if I Want That House gave away an all-expenses paid trip to Florida, although the prize would be largely in Florida I wouldn't imagine you would need to pay US tax on the UK competition prize.
It may be best for everyone else to withdraw their entries (<span style="color:red">and leave me as the ony one!!!!</span id="red">) - just thinking kindly about you all - wouldn't want anyone to fall victim to any unnecessary tax burdens[msnwink]
<blockquote id="quote" class="ffs">quote:Originally posted by MTP
The other option would be to accept the prize and then sell it and buy a more reasonably valued house to use and rent out. Although this would incur costs, you should still be left with a lump sum to aid the running costs of the villa.
I wonder if you would be hit with US tax, if you didn't set up a US business to rent out straight away as, although the prize is a US property and will attract the standard property taxes, it is a UK based company giving a prize away to a UK resident, even though the prize is in a foreign country.
In a similar way if I Want That House gave away an all-expenses paid trip to Florida, although the prize would be largely in Florida I wouldn't imagine you would need to pay US tax on the UK competition prize.
It may be best for everyone else to withdraw their entries (<span style="color:red">and leave me as the ony one!!!!</span id="red">) - just thinking kindly about you all - wouldn't want anyone to fall victim to any unnecessary tax burdens[msnwink]
[/quote]
You can't get away without paying Uncle Sam....he wants his cut... all winnings over $600 have to pay winners taxes.....its nothing to do with if you rent the house or not.....or where you live....if it was a holiday to FL won in the UK then you pay no tax....but winning a home is different or so I've been told.....and you will be open to paying the winners tax on the fair market value of the prize as a whole...not just the cost of the house......
well in the answer to the original question, no I don't know that I do want that house [msncry]
Anita
You can win a Villa In Reunion worth £350,000 on the 13th of Dec.
On the 10th ITV are in Florida, the week of give aways is from the 13th Dec The programs will be on at 2pm and 5pm live from Orlando.
Good luck.[msnsmile2] Here is the link for ITV compotition.
http://www2.meridiantv.com/iwantthat...omp_page.shtml
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