I want THAT house!

[chrizzy100]

quote:Originally posted by Matt

Chrizzy,

One would hope not. I think if they were giving you a house as a prize from a reputable TV Company, that all costs for ownership would be covered. However, it is a good point. Can you imagine......winning and then being asked for thousands of dollars[V][V]

Matt

It should have that info in the rules....like we have here....I would think any taxes would be paid in England and not the USA ....

" Taxes.
Any valuation of the prize(s) stated above is based on available information provided to the Company, and the value of any prize awarded to a winner may be reported for tax purposes as required by law. Each winner is solely responsible for reporting and paying any and all applicable taxes and paying any expenses associated with any prize(s) which are not specifically provided for in the official rules. Each winner must provide the Company with valid identification and a valid taxpayer identification number or social security number before any prize will be awarded.Prizes are not transferable, redeemable for cash or exchangeable for any other prize. Any person winning over $600 in prizes from the Company will receive an IRS form 1099 at the end of the calendar year and a copy of such form will be filed with the IRS."

"Any prize you win and accept is taxable, whether it's from a TV game show, a lucky number drawing or a beauty contest. Even a Nobel Prize is taxable.
The taxable amount is equal to the amount of cash you win or the fair market value of the goods or services you receive. And here's the real tax trap: say you win a trip worth $5,000. You owe tax on $5,000, whether you take the trip or not.

To avoid the tax, you need to officially refuse the prize.

Uncle Sam also wants his cut of any money you win from the lottery, raffles, bingo and other forms of gambling.

You can't win if you don't play. But if you win, be prepared to pay."



I just looked at the rules...and it says any tax to be paid under US law will have to be paid by the winner.....

[dave.parks]

Hi every body
Ive enterd i want that house also saw the one showing calabay park.
House was stil being built when i saw it but nice to see it finish though
also one for lesely ive colect the tokons for the daily mail and the application forms are coming direct to my home so im the winner Ha Ha Ha But serisly good luck to you and who enters.

[DISNEYDIVA]

chrizzy100, how am i going to sound excited when they ring me now knowing i shall be in debt from the word go !!![msncry]

dave, i entered on line last week - i just hope i LIKE the model when i win it .[msneek]

[Kissyme]

Would the government expect the payment straight away or after a year I must say winning does`nt sound so great now as you would presumably have to start trying to rent it oput straight away to cover the cost of the tax bill [V][msnmad]

[Matt]

OK, here are the T&C's regarding the prize relating to 'subsequent' payments:

14. In order to claim the prize, the winner must enter into a binding contract with the property builder/developer or it’s subsidiaries or associated companies and execute all necessary property conveyancing documentation relating to the transfer of the legal ownership or title of the prize from the property builder/developer to the winner. Neither the Promoter, its subsidiaries or associated companies give any warranties as to the condition, state of repair, legal title or suitability to the winner of the property offered as the prize.

15. The winner is advised (a) that he or she must take legal advice prior to entering into the above-mentioned binding contracts or documentation, (b) that the winner may incur costs in ensuring the completion of transfer of the prize from the property builder/developer to the winner, (c) the Promoter will contribute up to £5,500 towards the winner’s administrative, legal, tax or other mandatory costs directly connected with the legal transfer to the winner of the prize, (d) due to the nature of the prize, the process of transfer of the ownership of the prize to the winner will take place on completion of the property, and (e) that there will be ongoing costs in the maintaining and running of the property awarded as the prize (including without limitation the payment of utilities and local taxes) all of which will be the responsibility of the winner from the date ownership, title or benefit in the property passes to the winner. Special tax rules may apply under US law in relation to the prize, which will be the sole responsibility of the winner.



Matt

[mikewj]

Ah well, we didn't win [msncry][msncry][msncry][msncry].

I wonder whether the winner knows about this site ?

[chrizzy100]

quote:Originally posted by Kissyme

Would the government expect the payment straight away or after a year I must say winning does`nt sound so great now as you would presumably have to start trying to rent it oput straight away to cover the cost of the tax bill [V][msnmad]

I looked at a few sites......and you get an IRS form to fill out when you get your prize.....anything over $600...even wins on bingo.....[msnmad]

[keith_harrison]

Hi

did you see it tonight

Great disappointment for all of us who entered,

did any one guess the right location?

Raise a glass to the winner and wish them best of luck! and happy times ahead

It had some good tips. Great viewing

Kind regards

The Harrison Family

[chrisj]

Well it wasnt me, but as you say, Good luck to them

[DISNEYDIVA]

I am having a drink on them right now and wish them all the luck - they sounded like a young family - you don't begrudge the children, how excited they will be. It sounds like the company will advise them well. What a great guy that realtor was. Looking forward to watching them next year when its completed.
Lesley [msnsad]