What are the taxes on the 2 million dollar HGTV dream home?

Answer 1

For Single filing status, 2008 tax is $678,597 (2 million multiplied by 35 percent minus $21,403).

For Married Filing Jointly, 2008 tax is $671,575 (2 million multiplied by 35 percent minus $28,425).

For Head of Household, 2008 tax is $675,409 (2 million multiplied by 35 percent minus $24,591).

The actual tax liability would be more or less depending on your other income, any income tax withheld from your other earnings, etc.

Answer 2

300,000