How much money would you need to pay taxes for winning the $800,000 HGTV Green Home Sweepstakes?

sweepstakes home sweepstakes
by Ravages
Question by BlackDahlia: How much money would you need to pay taxes for winning the 0,000 HGTV Green Home Sweepstakes?
It's an 800,000 dollar prize package that includes a home and a Yukon SUV. How much in taxes? My husband said we'd have to pay roughly a third of the prize amount, about 300,000, just to win. Is this accurate? That's crazy.
How can people afford to win? lol


Best answer:
Answer by John DA minimum 36% for federal taxes (IRS tax rates)

Read more ...