Question by Mom of 2: When I win the HGTV dream home I want to use it for a non-profit “business” would my taxes be different/less?
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!
Best answer:
Answer by William B music lover
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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2 Comments
Steve R
on 8th Jan, 12 11:01pm
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.
nannypooh_73148
on 9th Jan, 12 12:01am
uh? ”when” you win,wait till you do and then ask.