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Out of house and hope? Man wins Tyler mansion, tax bills that go along with it
Dallas Morning News ^ | June 23, 2005 | JESSICA LEEDER
TYLER Don Cruz moved to East Texas thinking he'd be living in a dream a $1.5 million lakefront sanctuary he won in a Home and Garden Television "Dream Home" sweepstakes.
But the massive tax bill delivered with his winnings has blemished his utopia.
Mr. Cruz, 40, moved his family into the 5,000-square-foot Lake Tyler residence last month with the hope that he could raise the money by renting out parts of the property, opening a bed and breakfast, and charging for public tours.
But a city ordinance prohibiting commercial use of the land and the Tyler City Council's unanimous decision Wednesday not to change that ordinance have foiled his plans.
Now Mr. Cruz and his wife, Shelly, face a quandary: Come up with the $631,000 they owe in federal taxes by April, plus an estimated $32,300 in property taxes owed to Smith County and the Arp Independent School District, or sell the house.
....But the bills that accompany such windfalls often catch winners by surprise and catapult them into a tax nightmare.
"We're going to try everything we can to stay," Mr. Cruz said. "God gave us this house. It's not for sale."
Mr. Cruz appeared before the council looking nervous and wearing the only suit he owns.
(Excerpt) Read more at dallasnews.com ...
Out of house and hope? Man wins Tyler mansion, tax bills that go along with it
Dallas Morning News ^ | June 23, 2005 | JESSICA LEEDER
TYLER Don Cruz moved to East Texas thinking he'd be living in a dream a $1.5 million lakefront sanctuary he won in a Home and Garden Television "Dream Home" sweepstakes.
But the massive tax bill delivered with his winnings has blemished his utopia.
Mr. Cruz, 40, moved his family into the 5,000-square-foot Lake Tyler residence last month with the hope that he could raise the money by renting out parts of the property, opening a bed and breakfast, and charging for public tours.
But a city ordinance prohibiting commercial use of the land and the Tyler City Council's unanimous decision Wednesday not to change that ordinance have foiled his plans.
Now Mr. Cruz and his wife, Shelly, face a quandary: Come up with the $631,000 they owe in federal taxes by April, plus an estimated $32,300 in property taxes owed to Smith County and the Arp Independent School District, or sell the house.
....But the bills that accompany such windfalls often catch winners by surprise and catapult them into a tax nightmare.
"We're going to try everything we can to stay," Mr. Cruz said. "God gave us this house. It's not for sale."
Mr. Cruz appeared before the council looking nervous and wearing the only suit he owns.
(Excerpt) Read more at dallasnews.com ...
