All the custom picture framing for the 2010 HGTV DREAMHOUSE was done by your very own local frame shop Hiland Frames. This year the HGTV Dreamhouse is located right here in our own backyard of New Mexico! Follow the link below to check out the house and enter to win. And if you are looking for any picture framing come on see us. We have the best prices in town ! We are located at 4815 Central Ave NE, directly across from the historic Hiland Theater.

http://www.hgtv.com/hgtv-dream-home-2010-giveaway-rules/package/ind..." target="_blank">

Hiland Frames
4815 Central Ave NE
Abq, NM 87108
505-265-2699
ww.hilandframes.com

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You know, you will have to pay income taxes as gambling winnings, ordinary income rate, on the value of the home, and will probably have to take out a mortgage for the taxes if you do win, something that will be difficult for most of us to do, especially if the home is valued at over a million dollars. Further, there may be some liens on the property, as I hear that some of the contractors have not yet been paid. Just saying.
Wow LaGuera.....no need to be such a buzz kill. I for one am excited about this happening in New Mexico. It's great for the state and tourism and it's also great for all the local business that had a chance to work on the project. Way to go Hiland frames.I for one have entered and I am looking forward to winning! And if I do win, I know who not to invite to my house warming.....just saying.
As part of this years winnings, you get $500,000 cash....with which you could pay the taxes. Of course you'll have to pay taxes on the cash winnings as well....
It comes furnished, and with half a million dollars in cash. That should help with the taxes and utilities.
The cash is taxable, which should help add to the taxable income. I am just saying this, because most people are not tenacious enough to read the fine print on the sign up form. As soon as you take possession of the prize, all of the prize, cash included, is taxable at the normal income rate. They only say that the winner will be responsible for this. I hope that you can qualify for a mortgage on a million dollar home, that is all.

I am not trolling, I am trying to warn you guys what this means. So I have birds in my hair and people mocked me for saying Troy would burn too. Why am I concerned? I have friends who won a home in a "raffle". They really thought that they would not have to declare it, and wound up having to take out a mortgage for the taxes on the winnings. Now that's what I would call a buzz kill.
why would the winner need to qualify for a mortgage on the full value of the home?
in any event, if they needed the mortgage for the taxes they'd own the home outright - what bank would have a problem with a loan to value ratio like that (somewhere between 0.25 and 0.3?) on a brand new home?
I guess you wouldn't have to qualify for a mortgage on the full value of the home, but on a mortgage for the taxes you would owe on the winnings: from the site "Total ARV of Grand Prize is $2,038,375." This would push the winner into the "alternative minimum tax" bracket, where you would have to pay taxes quarterly. Now, I am no tax expert, and don't put myself up as one. However, for what it is worth, you will have to pay taxes at the ordinary income rate, not the capital gains rate, for this "prize."

I wonder what the tax liability will be on a $2,038,375 ordinary income. . .

And I wonder if the debt to income ratio of the winner will be sufficient to allow him/her to qualify for a mortgage on that amount?
You're all right. Winning that would be a terrible burden on any man. Don't fear! I will step up and take this bullet to protect the
rest of you from it!

I'm broke and in debt NOW, I can't help but think broke and in debt but owning a $2M house in the Sandias wouldn't be a better state of affairs.
At least the view would be better.
I, too, have sipped the Kool-Aid of the HGTV DreamHouse. I will have a donation bowl at the house warming.
lol!
I have been entering everyday. It would be great if someone from New Mexico won. Glad to see you broke down and entered LaGuera !

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