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Updated about 10 years ago on . Most recent reply

Ryan Billingsley's profile image
Ryan Billingsley's profile image
Ryan Billingsley
  • Investor/Realtor
  • from Wentzville, Missouri
  • Member since Apr 30, 2014
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846
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Ryan Billingsley's profile image
Ryan Billingsley's profile image
Ryan Billingsley
  • Investor/Realtor
  • from Wentzville, Missouri
  • Member since Apr 30, 2014
Connect
Ryan Billingsley
  • Investor/Realtor
  • Wentzville, MO
431
Votes |
846
Posts
Buying & Selling Real Estate

Paying taxes on wholesale deals

Ryan Billingsley
  • Investor/Realtor
  • Wentzville, MO
Posted

We started our real estate investment journey July 2014.  Our first deal we negotiated a property under contract for 18000.  We wholesaled it for 30000.  After closing cost we netted 10500.  This will be our first year to file taxes for our business.  We plan to sit down with a CPA to analyze what we owe and walk us through our first tax season.  On our first deal, what amount of taxes will we owe?  I am trying to get a grasp of how it works.

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