Wholesaling Properties..and Paying Taxes
Ok, once I get paid for this first deal... What do I do about paying taxes?
Do I need to just look for an accountant, let him know what I'm doing and that I'll be doing it on a consistant basis?
Do I report my earnings at the end of the year?
How am I supposed to and how does this work?
JB
[addsig]
Alright I'll call my attorney monday, lol, the last thing I want is going to jail for evading taxes.
JB
[addsig]
Wholesaling is an active business activity. Report all your profits on Schedule C, your self-employment taxes on Schedule SE, and submit quarterly estimated tax payments.
Your attorney is unlikely to give you any useful tax advice. Best to call your CPA for specific details,.