Extreme Makeover: Home Edition

[newtune3]

Thanks Philip. Had to agree not to post until after the show. Yesterdays shoot was awesome. I will post some when I may.

[DSL_PWR]

Originally Posted by Jeff_Green

How does this affect the homeowners taxes that they pay? I guess this is considered a gift that they have to claim?

Their taxes are usually much higher than before since the home is considered 'new' and they reassess the value of the home. So while they might be helping, they are also hurting. Some families that have had this done wound up losing their homes because of the taxes.

I am sure that 'all' these families are deserving but I think there are other ways to help them.

Google extreme home makeover foreclosure, extreme home makeover tax problems, etc...

[SpeedRacerSlots]

Well, I went digging a little bit...
* The participants are informed and educated about the tax implications.
* There are tax implications, and LOADS of rumors out there about them, including some retractions and corrections posted by well known news sources.
* In most cases, the dwelling is "leased" to the production company for the duration of the shoot (normally less than 14 days). The proceeds from the lease is designed to cover some tax issues should they arise.
* There is 1 documented case of a participant family not being able to keep their house, because they could simply not pay for the utilities cost of the new sized house.
* There are 4 documeted cases of forclosures on the property and all 4 of those were from financial blunders (ex: re-financing the house for its paid off morgage value to finance a start up business, which failed)

I am sure there is more information out there, I just dont have time to dig.

Now then on another note, I totally agree with the theory of Extreme Makeover, and the giving, give-back-to spirit of the show. The families featured are definitely deserving.

On the other hand, I do agree that they should take the show and re-spin it given the current economy and maybe do:
- Make over the current residence and/or expand it. Dont raze the place unless its about to fall in on them.
- Take the expense and effort of tackling a new home... and put it towards say... making over 2 houses?

[heathercaptures]

Originally Posted by Toad

Oh... I'm not saying that they're not deserving... I'm just saying that they're not "makeovers". They were in the beginning, but they aren't any more.

I often wonder about the people from the first season that watch these latest seasons. Are they a little jealous that they only got a couple of rooms fixed, and didn't get a whole new house?

Sorry I didn't mean to imply that you didn't think they were deserving.

Yes, I agree that they should help in other ways and cut out some of the more extreme remodels.

I CAN NOT fathom having a house built for me for free and re financing a mortgage and loosing it!