What if I Win the Grand Prize Showhome?
DO I HAVE TO PAY TAXES IF I WIN THE GRAND PRIZE SHOWHOME?
Raffle prize winnings are subject to federal and state income taxes as required by the Internal Revenue Service and may be subject to state and local sales or use taxes.
The Grand Prize Showhome is awarded in every raffle. In 2024, the Showhome will be awarded with an estimated $875,000 in Bonus Cash to help cover the amount of federal income tax that is required by the Internal Revenue Service to be withheld from gambling winnings and will be remitted to the IRS by the Foundation Board of Trustees on the winner’s behalf.
Any additional federal or state income tax will be the responsibility of the winner. Please see Rules for more information.
DO I HAVE TO LIVE IN THE HOME IF I WIN IT?
The moment you take the title of the Grand Prize home, it’s yours to do as you wish. You can decide to move in, sell it, or rent it, subject to homeowners’ association rules. The home warranty is non-transferable if you choose to sell it.
HOW DOES THE RAFFLE HANDLE RECORDING FEES, TRANSFER TAXES (IF ANY), TITLE COMPANY FEES AND STANDARD TITLE INSURANCE FOR THE GRAND PRIZE?
Recording fees, transfer taxes (if any), title company fees and standard title insurance for the Showhome are paid by Children’s Hospital Colorado Foundation.
WHAT ARE THE COSTS AFTER I TAKE POSSESSION OF MY NEW HOME?
After you take title of the Grand Prize home, you are responsible for all operational costs associated with home ownership, such as homeowners’ insurance, property taxes, utilities, homeowner association fees, and ongoing maintenance expenses. The raffle does not provide estimates for the operational expenses that become the responsibility of the prize winner.