$50 Raffle for a Million $ house

I was watching Market Watch on CNBC and saw this story about a home owner's quest for selling his house in this tough market. Instead of selling the house, he is raffling it off for $50 a ticket. That is a pretty enterprising idea when the credit markets have dried up and buyers are being cautious of buying high end homes.

If you ever wanted to buy a million dollar home for $50, here is your chance to take a gamble on your luck. However, before you jump in and buy the raffle tickets, check to see if you can really afford it! Its sort of a lottery, so you will be responsible for paying income taxes on it as well as property taxes. With the IRS breathing on you for their cut, that $50 bargain doesn't really look like a $50 bargain any more. However, if you can afford all the additional costs, you might begin the new year with a very happy note.