Thursday, July 12, 2007

YMCA Dreamhouse

I'm sitting here daydreaming about winning the YMCA Dreamhouse. Does anyone know what the percent amount is on the winning house? Would it be 6.25% because that is what the county tax rate is? I'm just trying to decide if I could afford to take the house or if I would rather have the money and pay off the current dream house (with less space) I am living in. Of course I have not invested $30 on this endeavor yet, so its still a dream in my mind.

2 comments:

  1. I do not know, but I am assuming it is more than your standard sales tax. I have not seen the house, but I vote for taking the money

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  2. The value of the house would be treated as ordinary income to you. That would likely hike up the net effective tax rate that you pasy to Uncle Sam, The State of Ohio, and Willowick would get its 1-2% as usual. For most people, coming up with 25-40% of the home value in taxes is out of the question, and they take the remaining cash and run.

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