"dpb" wrote in message
...
Ed Pawlowski wrote:
...
According to my source, ...
... They have to meet certain guidlines in awarding the prize to be a
charitable setup for the show.

Does your "source" have the skinny on how taxes on the value of the prize
and other details of ownership transfer, etc., are handled? It would seem
unless the show either pays them up front or somehow else finds a loophole
most of these folks would go bankrupt trying to come up w/ the IRS
assessment on the value of the prize right off the bat.

After that, property taxes, higher utility bills, upkeep, etc., would seem
to be beyond the reach of most as well. I think it's too hokey to be
enjoyable to watch so have never seen an episode to completion but have
wondered some about the more practical and mundane aspects of what happens
after the bus leaves for good...

--

they pay the taxes and such for the first year. they also give them access
to accountants, lifestyle coaches, etc and attempt to teach them how to deal
with the good fortune as well as the mundane things (paying for utilities,
upkeep, maintenance, etc). they've said that they keep a good eye on things
for that first year, but after that....

there was a couple with a bunch of kids who had this done in gilbert az had
a couple brushes with foreclosure, but finally went under a few months ago.

http://www.azcentral.com/news/articl...emehome29.html

regards,
charlie
cave creek, az