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TFCT.....next ebay????
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[QUOTE]Originally posted by pharmdman: [QB] [QUOTE]Originally posted by Upside: [b]originally posted by pharmdman: That could be a big nut, or pickle as it were, to swallow. Win a 300,000 house for a buck and guess what? You owe every taxing authority in the land a load of green. Any idea if its based on the actual value of the "prize" or is it based on the price the seller received from his/her listing? [/b][/QUOTE] Well, you'll try to claim it on the purchase price of $1, but you'll be sharing a jail cell with your new husband Bubba.... You actually pay it on the fair market value of the house (or whatever the prize is)... However, can you imagine a bank that would not give you a mortgage for only 30% of the value of the house? (or whatever tax bracket you fall into). [/QB][/QUOTE]
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