Win an expensive ass house but...

[Aftershock]

Ive seen on tv about this house you can win here in SA. Of course you gotta buy $100.00 per ticket for a chance to win. I was reading the terms and conditions and it basically says any prizes $5,000.00 or more the IRS requires taxes on the prize be paid before they can be claimed.

So my question is how much in taxes would have to be paid for a $600,000.00 house???

[Laz]

I believe it would be considered ordinary income and taxed accordingly. You can see stories all the time of people that win or are ginen expensive houses that end up losing them to taxation that they can't afford.