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. Children’s Hospital Colorado Foundation Board of Trustees will withhold and remit applicable federal and state income taxes. Such withholding will be first from the Bonus Cash of $729,000 awarded with the showhome. Please visit Rules section for detailed tax information.
DO I HAVE TO LIVE IN THE HOME FOR A YEAR IF I WIN IT?
No. The moment you take the title of your new home, it’s yours to do with as you wish. You can move in, sell it, or rent it.
HOW DOES THE RAFFLE HANDLE RECORDING FEES, TRANSFER TAXES (IF ANY), TITLE COMPANY FEES AND STANDARD TITLE INSURANCE FOR THE GRAND PRIZE?
We want our Grand Prize Showhome winner to be a happy winner, so recording fees, transfer taxes (if any), title company fees and standard title insurance 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 your new home, you are responsible for the operational costs associated with home ownership such as homeowners’ insurance, property taxes, utilities, and maintenance expenses.