When I win the HGTV dream home I want to use it for a non-profit "business" would my taxes be different/less?
Nov 13th, 2009 by admin
When I win I would like to make it a "free" bed and breakfast style home for children with cancer (and their families) a place where they could come and stay and my family would cook and clean and teach them to snorkel, swim, surf…whatever they want to do before they are too ill to do it. I plan on getting grants and donations to support it….my question is would my taxes be different (lower hopefully)??? I want to plan now— the drawing is only a month away!
Well, I am not really sure, most non-profit businesses pay no taxes, but property etc., not sure. But, Good luck in the drawing anyway, that is a wonderful gesture if you win.
Well, I am not really sure, most non-profit businesses pay no taxes, but property etc., not sure. But, Good luck in the drawing anyway, that is a wonderful gesture if you win.
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The business would have to claim the house. But since this violates their sweepstakes, you would have to forfeit it. So, you would have to pay income taxes on the value of the house.
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uh? ”when” you win,wait till you do and then ask.
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well idk, but i know that I am going to win the house……so good luck to you in 2009, because I got favor in the Lord, and I know this is a change, and I will accept the home when God grants it to me…….LOVE YA
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