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4 Answers

What would the taxes be on a $3.5 Million dollar home won in a raffle?

Asked by: Sildenafil plan 324 views YA Discussion

I have recently tried my luck in a raffle for a 3.5 million dollar home and am curious as to what I might owe in taxes on a home of this value in the event that I were to win? Their is also a cash prize or $ 1.7 million, as well as an annuity of $ 2,000,000 paid over 20 years.. I am just curious if the amount due on taxes would be something I could come up with. I do nearly own my home and I have a pretty good amount in savings, so I think it may be possible. I am thinking I would prefer the annuity, but the house is in the place I would most like to live. I also think I could afford the bills and property taxes on a home of this size.

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4 Answers



  1. falsi fiable on Jan 22, 2013 Reply

    That would be taxed at ordinary income rates. I would estimate the actual FEDERAL income taxes to be in the neighborhood of 35% of that $ 3.5 million. Don’t forget to account for state taxes too.

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  2. tro on Jan 22, 2013 Reply

    probably close to $ 1,386,000

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  3. Pascal the Gambler on Jan 22, 2013 Reply

    It would be taxed as regular income. At 3-5 million, you are looking at over a million dollar tax bill.

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