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Old 04-08-2010, 02:06 PM   #21
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Originally Posted by Bestwifeever View Post
I had read a couple of years ago that most people in this show never actually moved into the house--they would sell them instead. I wonder if there are so many fewer buyers today that the homeowners can't do that.
Unless they are "grossed up" with a cash payment to pay the taxes, many of them would have to sell just to pay the taxes on what they won.

And that says nothing about ongoing property taxes, insurance, maintenance and utilities for those places. Just thinking about those makes me shudder. Hard to imagine retiring when your house -- even "paid off" -- is such a money-suck.

"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

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Old 04-08-2010, 03:40 PM   #22
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If they do sell the house, it might be a good move... from the looks of it, the new digs put some of them in a situation to live above their means.

Take the money and run!

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Not all are bad experiences
Old 04-08-2010, 07:23 PM   #23
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Not all are bad experiences

I live in a very small town where Extreme Home Makeover came in and built a new home for a family. It was a very positive experience for the community and left the community a better place. Virtually the entire town turned out to volunteer to help in some way.

I do not know the financial situation for this local family, but as I see it they are probably paying less in property taxes now than they were paying in house payments before. This family may be the exception to what is happening to other people. Its like winning the lottery, we also have one of them in town, if you are not capable of managing your finances before your windfall you probably will not be able to manage them later.
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Old 04-09-2010, 06:56 AM   #24
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The producers found a way around the gift tax:


Extreme Makeover: Home Edition, which is aired by ABC, a subsidiary of Disney, has been advising contestants to take a questionable interpretation of U.S. federal tax laws on their personal income tax returns. As a result, contestants who have been receiving hundreds of thousands of dollars worth of "makeovers" for appearing on the show have paid no taxes on their gains, even though prizes and awards are considered to be taxable income.
ABC's 'Extreme Makeover: Home Edition' exploits dubious means to dodge taxes - Reality TV World - News, information, episode summaries, message boards, chat and games for unscripted television programs

But they can't escape the property tax bump. Heck just the electric bill would kill me ($1800/mo in one case??)

FIRE'd since 2005
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