Comments on: What Happens To Those New Home Winners When The Cameras Shut Off? Well, They Slowly Go Broke And Lose Those New Houses! http://www.arizonahousingbubble.com/2007/what-happens-to-those-new-home-winners-when-the-cameras-shut-off-well-they-slowly-go-broke-and-lose-those-new-houses/ The Arizona Housing Bubble And Credit Crisis From A Consumer's Point Of View Fri, 21 Nov 2008 17:29:05 +0000 http://wordpress.org/?v=2.2.2 By: uglychart.com » Blog Archive » Congratulations, you have won a $672,000 tax bill!! http://www.arizonahousingbubble.com/2007/what-happens-to-those-new-home-winners-when-the-cameras-shut-off-well-they-slowly-go-broke-and-lose-those-new-houses/#comment-168 uglychart.com » Blog Archive » Congratulations, you have won a $672,000 tax bill!! Wed, 29 Aug 2007 04:48:43 +0000 http://www.arizonahousingbubble.com/2007/what-happens-to-those-new-home-winners-when-the-cameras-shut-off-well-they-slowly-go-broke-and-lose-those-new-houses/#comment-168 [...] This is pretty funny (in a sad way). Don and Shelly Cruz won “$250,000, a GMC Denali SUV, and a gigantic, fully furnished, barn-inspired mansion on an acre of lakefront property in the East Texas town of Tyler.” And this is what happened: Don, a stay-at-home dad, and Shelly, an administrative assistant who’s gone back to school to become an accountant, are quickly running through their winnings as they struggle to pay thousands a month for electricity, household help and other outsize bills for their outsize home. [...] […] This is pretty funny (in a sad way). Don and Shelly Cruz won “$250,000, a GMC Denali SUV, and a gigantic, fully furnished, barn-inspired mansion on an acre of lakefront property in the East Texas town of Tyler.” And this is what happened: Don, a stay-at-home dad, and Shelly, an administrative assistant who’s gone back to school to become an accountant, are quickly running through their winnings as they struggle to pay thousands a month for electricity, household help and other outsize bills for their outsize home. […]

]]> By: Wednesday Linkdump: compost fires, the coolness of tap water, the five best ways to go Net Zero, and more! « Blog Archive « Planetsave | Free Email and Green News http://www.arizonahousingbubble.com/2007/what-happens-to-those-new-home-winners-when-the-cameras-shut-off-well-they-slowly-go-broke-and-lose-those-new-houses/#comment-74 Wednesday Linkdump: compost fires, the coolness of tap water, the five best ways to go Net Zero, and more! « Blog Archive « Planetsave | Free Email and Green News Wed, 15 Aug 2007 17:31:44 +0000 http://www.arizonahousingbubble.com/2007/what-happens-to-those-new-home-winners-when-the-cameras-shut-off-well-they-slowly-go-broke-and-lose-those-new-houses/#comment-74 [...] • What Happens To Those New Home Winners When The Cameras Shut Off? Well, They Slowly Go Broke And Los... [...] […] • What Happens To Those New Home Winners When The Cameras Shut Off? Well, They Slowly Go Broke And Los… […]

]]> By: kimwim http://www.arizonahousingbubble.com/2007/what-happens-to-those-new-home-winners-when-the-cameras-shut-off-well-they-slowly-go-broke-and-lose-those-new-houses/#comment-73 kimwim Wed, 15 Aug 2007 16:12:36 +0000 http://www.arizonahousingbubble.com/2007/what-happens-to-those-new-home-winners-when-the-cameras-shut-off-well-they-slowly-go-broke-and-lose-those-new-houses/#comment-73 2 years ago I won a "$10,000" kitchen makeover from a local radio station. The installation was a disaster. When they tried to stick me with a $10,000 1099 for taxes is when I went ballistic. I got estimates for the kitchen from a big box store, wrote to the station, and said I wanted a revised 1099, I refused to pay taxes on what it was not worth. They relented. My "$10,000" kitchen was really worth $4500, and that's what I paid tax on. 2 years ago I won a “$10,000″ kitchen makeover from a local radio station. The installation was a disaster. When they tried to stick me with a $10,000 1099 for taxes is when I went ballistic. I got estimates for the kitchen from a big box store, wrote to the station, and said I wanted a revised 1099, I refused to pay taxes on what it was not worth. They relented. My “$10,000″ kitchen was really worth $4500, and that’s what I paid tax on.

]]> By: MG http://www.arizonahousingbubble.com/2007/what-happens-to-those-new-home-winners-when-the-cameras-shut-off-well-they-slowly-go-broke-and-lose-those-new-houses/#comment-72 MG Wed, 15 Aug 2007 16:10:41 +0000 http://www.arizonahousingbubble.com/2007/what-happens-to-those-new-home-winners-when-the-cameras-shut-off-well-they-slowly-go-broke-and-lose-those-new-houses/#comment-72 Very true. There is a mansion here in Ahwatukee that is "non-conforming". If it were in a more prominent neighborhood it would be worth much more, but much like what you mention and much like the Cruz's mansion, location greatly reduces the market price for it, as well as the buying audience. That's so funny you mention that makeover shows, when I'd watch one I'd always say how tacky some of that stuff looked. To know that they add insult to injury by taxing you for it... YIKES! Very true. There is a mansion here in Ahwatukee that is “non-conforming”. If it were in a more prominent neighborhood it would be worth much more, but much like what you mention and much like the Cruz’s mansion, location greatly reduces the market price for it, as well as the buying audience.

That’s so funny you mention that makeover shows, when I’d watch one I’d always say how tacky some of that stuff looked. To know that they add insult to injury by taxing you for it… YIKES!

]]> By: Kath http://www.arizonahousingbubble.com/2007/what-happens-to-those-new-home-winners-when-the-cameras-shut-off-well-they-slowly-go-broke-and-lose-those-new-houses/#comment-71 Kath Wed, 15 Aug 2007 14:12:40 +0000 http://www.arizonahousingbubble.com/2007/what-happens-to-those-new-home-winners-when-the-cameras-shut-off-well-they-slowly-go-broke-and-lose-those-new-houses/#comment-71 Try being on one of them crappy makeover shows. Sure, we got 3k worth of stuff, but aside from being taxed on that, it took several months of work plus more money to fix what the "designer" did. Those people who get an entire house re-built for them have it even worse; often they were poor to begin with & they don't get any cash to help pay the bills, and the house is in a not-so-great neighborhood, so it can't sell for as much. Try being on one of them crappy makeover shows.

Sure, we got 3k worth of stuff, but aside from being taxed on that, it took several months of work plus more money to fix what the “designer” did.

Those people who get an entire house re-built for them have it even worse; often they were poor to begin with & they don’t get any cash to help pay the bills, and the house is in a not-so-great neighborhood, so it can’t sell for as much.

]]> By: Obbop http://www.arizonahousingbubble.com/2007/what-happens-to-those-new-home-winners-when-the-cameras-shut-off-well-they-slowly-go-broke-and-lose-those-new-houses/#comment-69 Obbop Wed, 15 Aug 2007 04:19:06 +0000 http://www.arizonahousingbubble.com/2007/what-happens-to-those-new-home-winners-when-the-cameras-shut-off-well-they-slowly-go-broke-and-lose-those-new-houses/#comment-69 Interesting how the unearned income of the commoners is taxes at such high rates while America's elite class and its IMMENSE amount of unearned income has a plethora of tax breaks and hidey holes. Interesting how the unearned income of the commoners is taxes at such high rates while America’s elite class and its IMMENSE amount of unearned income has a plethora of tax breaks and hidey holes.

]]> By: Dave Myers http://www.arizonahousingbubble.com/2007/what-happens-to-those-new-home-winners-when-the-cameras-shut-off-well-they-slowly-go-broke-and-lose-those-new-houses/#comment-67 Dave Myers Wed, 15 Aug 2007 00:20:23 +0000 http://www.arizonahousingbubble.com/2007/what-happens-to-those-new-home-winners-when-the-cameras-shut-off-well-they-slowly-go-broke-and-lose-those-new-houses/#comment-67 A close friend of mine won $250,000 in prizes for coming in first on a season long, elimination round style game show several years ago. After consulting with his accountant, he signed papers to forfeit all of the prizes since they were valued at their full retail price, and the taxes on them alone were more than they would actually cost if you did some comparison shopping. A close friend of mine won $250,000 in prizes for coming in first on a season long, elimination round style game show several years ago. After consulting with his accountant, he signed papers to forfeit all of the prizes since they were valued at their full retail price, and the taxes on them alone were more than they would actually cost if you did some comparison shopping.

]]> By: Jeff http://www.arizonahousingbubble.com/2007/what-happens-to-those-new-home-winners-when-the-cameras-shut-off-well-they-slowly-go-broke-and-lose-those-new-houses/#comment-66 Jeff Tue, 14 Aug 2007 21:58:46 +0000 http://www.arizonahousingbubble.com/2007/what-happens-to-those-new-home-winners-when-the-cameras-shut-off-well-they-slowly-go-broke-and-lose-those-new-houses/#comment-66 Put me down with the "can't feel sorry for them" camp. They never should've moved into the house in the first place. If I should ever win a several million dollar house, or several million dollar anything for that matter, mark my words, the changes to my life will be slow and cautious. I will pay every tax I have to pay, toss what's left in the bank, and spend only the interest earned off that sum. I don't need a giant house, and neither did they. The problem is simply that they were blinded by those fancy marble counter-tops, and that problem is no one's fault but their own. Put me down with the “can’t feel sorry for them” camp. They never should’ve moved into the house in the first place. If I should ever win a several million dollar house, or several million dollar anything for that matter, mark my words, the changes to my life will be slow and cautious. I will pay every tax I have to pay, toss what’s left in the bank, and spend only the interest earned off that sum. I don’t need a giant house, and neither did they. The problem is simply that they were blinded by those fancy marble counter-tops, and that problem is no one’s fault but their own.

]]> By: MG http://www.arizonahousingbubble.com/2007/what-happens-to-those-new-home-winners-when-the-cameras-shut-off-well-they-slowly-go-broke-and-lose-those-new-houses/#comment-65 MG Tue, 14 Aug 2007 20:53:01 +0000 http://www.arizonahousingbubble.com/2007/what-happens-to-those-new-home-winners-when-the-cameras-shut-off-well-they-slowly-go-broke-and-lose-those-new-houses/#comment-65 It's currently parked in the front lobby of FiringSquad headquarters I believe. And as far as driving it, the day to day costs of the car wouldn't be financially prudent. I'm sure he could afford to drive it, but I'm sure whatever he ended up driving instead was better for his situation at the time. It’s currently parked in the front lobby of FiringSquad headquarters I believe. And as far as driving it, the day to day costs of the car wouldn’t be financially prudent. I’m sure he could afford to drive it, but I’m sure whatever he ended up driving instead was better for his situation at the time.

]]> By: Even When You Win You Can’t Win « Mike Cane’s Blog http://www.arizonahousingbubble.com/2007/what-happens-to-those-new-home-winners-when-the-cameras-shut-off-well-they-slowly-go-broke-and-lose-those-new-houses/#comment-64 Even When You Win You Can’t Win « Mike Cane’s Blog Tue, 14 Aug 2007 20:45:24 +0000 http://www.arizonahousingbubble.com/2007/what-happens-to-those-new-home-winners-when-the-cameras-shut-off-well-they-slowly-go-broke-and-lose-those-new-houses/#comment-64 [...] When You Win You Can’t Win What Happens To Those New Home Winners When The Cameras Shut Off? Well, They Slowly Go Broke And Los... They won $250,000, a GMC Denali SUV, and a gigantic, fully furnished, barn-inspired mansion on an [...] […] When You Win You Can’t Win What Happens To Those New Home Winners When The Cameras Shut Off? Well, They Slowly Go Broke And Los… They won $250,000, a GMC Denali SUV, and a gigantic, fully furnished, barn-inspired mansion on an […]

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