Extreme Makeover Left Family in the Red
When Jesus and Michelle Jacobo won ABC television’s “Extreme Makeover: Home Edition,” it seemed like their troubles would be over.
But in reality, winning such a valuable prize gave them a new source of anxiety — the Internal Revenue Service. The Jacobos’ property taxes will double and they owe taxes on the value of their increased home equity and furnishings. Plus, they still owe $121,000 on their old mortgage.
Kevin Green, a Kansas City home builder who coordinated the local volunteers who worked on the project, has raised $50,000 to pay the Jacobo’s bills, but he is still $71,000 short in bringing the family current with the IRS and their mortgage company.
Jesus Jacobo, 39, builds cranes and Michelle Jacobo, 38, cares for their four children and five nieces and nephews of whom they have gained custody or have adopted. A grandparent also lives with them. Their old home had 912 square feet while their new one has 5,338.
Source: The Kansas City Star, Bill Graham (04/09/07)
