[Mamzelle]

I hope he doesn't end up in the hole after he sells it. I watch the Dream Home every year, and this one (half-log, half-stone, with lakes, mountains, rivers...) was truly the most beautiful of Dream Homes I've ever seen.

It comes with all the decor, which is valued at top-market. I hope he manages to sell it and make a little after taxes.

[No Truce With Kings]

"I hope he manages to sell it and make a little after taxes."

If he lives in it only three weeks and then puts it on the market, he has an almost iron-clad case that the selling price is the basis for taxible income from the prize.

If so, whatever price he sells it at, he gets to keep at least 60% of the profit (depending upon whether there are WV income taxes, and whether the IRS insists that the gain from selling the place is really "income" and therefore subject to Social Security). That should leave him enough to pay for a 3-2-2 in a nice subdivision free and clear.

[goldstategop]

The upside to the story is he can buy a better house at a fraction of the cost and still have enough money to retire for the rest of his life.

(No more Olmert! No more Kadima! No more Oslo! )

[linda_22003]

This house was fabulous indeed, and I entered as often as was allowed. I would have been able to keep it; why do people even enter if it's not a real possibility?

[charitylmc]

The man who tried to live in his, took out so much in loans to cover taxes and was broke from just trying to live there that he is hoping to just break even. The heating and electric bills are through the roof. Homeowners insurance, insurance on the vehicle, taxes on everything, plus just trying to survive. He ate through his 250,000 winnings and still had to take out a 1,000,000 loan. Regardless of the taxation of the income, you are better off to sell unless you are well off to begin with. Hire a good tax attorney to guide your every move.