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Updated over 6 years ago on . Most recent reply

Andy Tavarez's profile image
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Andy Tavarez
  • Realtor
  • from New Brunswick, NJ
  • Member since Sep 25, 2018
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Andy Tavarez's profile image
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Andy Tavarez
  • Realtor
  • from New Brunswick, NJ
  • Member since Sep 25, 2018
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Andy Tavarez
  • Realtor
  • New Brunswick, NJ
3
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Buying & Selling Real Estate

So do wholesalers get taxed?

Andy Tavarez
  • Realtor
  • New Brunswick, NJ
Posted
Just out of curiousity because pretty much wholesalers only get checks. Is tax ever deducted or is it deducted from the closing.
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Basit Siddiqi
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Basit Siddiqi
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Basit Siddiqi
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Basit Siddiqi
  • Accountant
  • New York, NY
Replied

@Andy Tavarez

You are required to report the income you earn on your tax return whether you receive a tax document or not. 

You may potentially receive a 1099-MISC for the commission you earned on your wholesale deal.

Depending on how much income you earn throughout the year; you may be required to pay quarterly estimated taxes. 

In short, you may be subject to federal income tax, self-employment tax and New Jersey Income tax.

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