$1.6M New York Home Raffled Off For $50

A big home in Nassau County could be yours, for the price of a raffle ticket. And for a lot less than what it's worth -- $1.6 million.

[chris]

Are all you people stupid?
O.K. Here's the deal:
The house (17 Lincoln Place, Massapequa N.Y. Nassau County) value is $750,000, that's according the County assessors office of Nassu County and you can see for yourself at "mynassauproperty.com " this is based on recent similar home sales in the area.

If you are unlucky enough to win, you will pay taxes on $1.5 million dollars which could be about $400,000. If you win in 2009 you owe in April of 2010!
It is considered lottery winnings by the IRS. You are not taxed on the value of the home (which is much less). You won $1.5mm b/c that was the lottery amount. If you think you will sell this house and profit, good luck. It's been on the market for years.
Take the 50bucks and have a nice dinner...you'll thank me.

[ddny]

chris wrote:

Are all you people stupid?
O.K. Here's the deal:
The house (17 Lincoln Place, Massapequa N.Y. Nassau County) value is $750,000, that's according the County assessors office of Nassu County and you can see for yourself at "mynassauproperty.com " this is based on recent similar home sales in the area.
If you are unlucky enough to win, you will pay taxes on $1.5 million dollars which could be about $400,000. If you win in 2009 you owe in April of 2010!
It is considered lottery winnings by the IRS. You are not taxed on the value of the home (which is much less). You won $1.5mm b/c that was the lottery amount. If you think you will sell this house and profit, good luck. It's been on the market for years.
Take the 50bucks and have a nice dinner...you'll thank me.

LOL! We saw that on the news the other night and the first thing my husband said was whoever wins that is going to get slammed w/a huge tax bill. We were just wondering if it would be taxed on the actual value or the amount stated in the lottery. If it seems too good to be true, it probably is!!

[chris]

The winner will pay taxes on the lottery amount ($1.5 mil.) which will then automatically catipult you into the highest tax bracket where you will likely pay $650,000 payable to the IRS by April 15th. The value of the home has nothing to do with it! Also I noticed it is not assessed as to the completion of the renovation. The property tax will shoot to $20,000 overnight. This is a nightmare no one would want. He says you can sell the house and still profit, well good luck with that, he has not been unable to unload it for 3 years!

[jimmy o]

If you win you will owe taxes on the lottery of $1.5mil. You will most likely have to $650,000 in taxes to the IRS! I see he some how got “ZILLOW.COM” to value the home at $1.5 mil. I don’t know how! Every other home on that block is worth about $450,000.

[maria]

i have a question. why would i pay taxes on $1.5mil when the value is only $400.000. its not like im pay $1.5mil. im winning it for $50.00 and the value is $400.000.

[Curious in NY]

I believe you make a valid point. IRS always has its hand out. So, go to the source, call IRS.

Havent decided whether or not i will buy a raffle. BUT my problem is WHERE DO I BUY A TICKET ?