What would the taxes be on a $3.5 Million dollar home won in a raffle?
Asked by: Sildenafil plan
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.
How others found here:
- federal income tax on 5 million dollars