Louisville, KY See every updated space from HGTV Urban Oasis 2023, a grand Southern-inspired escape packed with high-end design and located in Louisville, KY.

Meet the lucky winner of HGTV Dream Home 2023 in Morrison, CO. Congratulations to Marie Davis of Rock Hill, SC! She is the winner of the HGTV® Dream Home 2023 sweepstakes, a grand prize package valued at over $2.7 million.

Anastasia Island There's something for everyone at HGTV Dream Home 2024 located on Anastasia Island, near historic St. Augustine, Florida.

$2.7 million Meet the lucky winner of HGTV Dream Home 2023 in Morrison, CO. Congratulations to Marie Davis of Rock Hill, SC! She is the winner of the HGTV® Dream Home 2023 sweepstakes, a grand prize package valued at over $2.7 million.

$2.7 million The 2023 prize package valued at over $2.7 million includes a three-bedroom, three-bathroom house in Morrison along with a Jeep Grand Cherokee 4xe and $100,000 from Ally Financial.

$2.7 million 16, 2023 /PRNewswire/ -- The HGTV® Dream Home 2023 located in Morrison, CO, will close its sweepstakes on February 16, 2023 at 5 p.m. ET. The prize package, valued at over $2.7 million, includes the newly built, fully furnished home, an all-new Jeep Grand Cherokee 4xe and $100,000 from Ally.

As it turns out, it's not unusual for winners of contests like this to be forced to sell the properties because they can't afford the income taxes, property taxes or even the upkeep. Even winners of home make-overs must often sell.

Congratulations to Stacey Braswell of Kingsport, Tennessee! She is the winner of the HGTV® Smart Home 2023 sweepstakes, a grand prize package valued at over $2.2 million. "It still doesn't feel real," said Stacey.

Country Living reported that by 2018, with over 20 HGTV Dream Home winners crowned, only 28% of the winners actually lived in the home for over a year.

The reason? Taxes. The estimated federal income tax bill on the $2.3 million prize package that Fulkerson won would be about $789,140, according to Mark Luscombe, principal analyst at Wolters Kluwer Tax & Accounting.

While the federal government does tax lottery winnings, they exempt any winnings that are used to purchase a home. So, if you use your winnings from HGTV to buy the Smart Home, you won't have to pay a penny in taxes on it. However, you will still be responsible for paying taxes on the value of the home itself.

According to HGTV's official sweepstakes rules, the 2023 cash option is $750,000, accepted in lieu of the house and its contents. The winner also gets the vehicle and cash prizes, usually a nice car, and $100,000 to 250,000.