Winners Reveal Plans Include Buying, Improving Houses
KANSAS CITY, MO -- (Marketwired) -- 01/29/16 --
H&R Block(NYSE: HRB), the world's largest consumer tax preparation company, is wrapping up the second week of drawings for its 1,000 Win $1,000 Daily Sweepstakes and winners are sharing how they will use their winnings. Some common themes are helping to buy a house and making improvements to a house.
"We've learned that many people are using their $1,000 winnings to put down a rental deposit on a new apartment, fix up their home and even help with buying a home," said Kathy Collins, H&R Block's chief marketing officer. "Homeownership is one common theme in the American Dream. The fact our clients are able to use this money to help build and improve their lives -- and even facilitate purchasing homes -- is incredible."
'Home' is where the heart is -- and in the names of cities where winners live
In the past week, the word "home" has kept popping up in relation to the sweepstakes. It's in plans winners have for the future and in the names of cities where other winners reside. These are the cities some of the winners literally call "home":
- Mahomet, Ill.
- Prairie Home, Mo.
- Homer, Ga.
- Homestead, Fla.
- Highland Home, Ala.
- Mountain Home, Utah.
Homeownership key to unlock certain tax breaks
In addition to having a place they can truly call their own, there are several tax benefits to owning a home. One of the most common benefits is that homeowners can deduct the mortgage interest paid on their primary home as an itemized deduction. Private mortgage insurance premiums also are deductible as interest, and homeowners may be able to deduct some points and fees, too.
"Only 1 in 3 taxpayers itemize their tax deductions, but millions more should -- especially homeowners," said Kathy Pickering, executive director of The Tax Institute at H&R Block. "For some taxpayers, owning a house is the key that unlocks itemization."
When a taxpayer has a full year's worth of house-related taxes and interest, plus other items they can itemize, they are more likely to be over the threshold for being able to itemize their deductions. By itemizing, a taxpayer also can deduct these qualifying items:
- Charitable donations
- Medical expenses
- Personal property tax on cars, etc.
- State and local income taxes or state and local sales taxes
- Employee business expenses
- Casualty losses.
H&R Block is giving away $1,000 to 1,000 winners for 32 days, for a total of $32 million. The first drawing for the sweepstakes was Jan. 16. Anyone who files their taxes in a participating H&R Block office by Feb. 15 can be automatically entered into the sweepstakes. This interactive map shows the states where the winners live.
For more information, including official rules and other ways to enter, taxpayers can visit www.hrblock.com/grand, watch this video or join the conversation on social media and share how they would use an extra $1,000. Just use the hashtag #MyGrandPlan.
Clients can set an appointment with a local H&R Block tax professional or find the nearest H&R Block office by visiting www.hrblock.com or calling 800-HRBLOCK.
About H&R Block
H&R Block, Inc.(NYSE: HRB) is the world's largest consumer tax services provider. More than 680 million tax returns have been prepared worldwide by and through H&R Block since 1955. In fiscal 2015, H&R Block had annual revenues of nearly $3.1 billion with 24.2 million tax returns prepared worldwide. Tax return preparation services are provided by professional tax preparers in approximately 12,000 company-owned and franchise retail tax offices worldwide, and through H&R Block tax software products. H&R Block also offers adjacent Tax Plus products and services. For more information, visit the H&R Block Newsroom at http://newsroom.hrblock.com/.
NO PURCHASE NECESSARY.
For Official Rules and Alternate Method of Entry click here. Open to legal U.S. residents (50 states + DC & PR) age 18+. Entry Period: 1/4/16 - 2/15/16. One entry per taxpayer with paid federal tax return. Daily drawings 1/16/16 - 2/15/16 + final drawing on 2/19/16. 1,000 winners per drawing; 32,000 winners total. Total ARV: $32,000,000. Void where prohibited.
For Further Information
Source: H&R Block