HGTV Dream Home taxes
I have a question regarding taxes that will be charged to the HGTV Dream Home winner. If the winner decides to sell it and not live in it because they can't come up with the $800,000 in taxes, wouldn't they be taxed again on the sale proceeds of the home since it is not their primary residence? Taxed on the FMV of the winnings and then taxed on the gain on the sale of the home? Make sense?