Taxes on Real Estate Profits

[David Coffee]

Hey there everybody: I'm wondering about wholesaling and real estate investment profits in general.......

QUESTION:. What if I do a wholesaling transaction and I make a profit of about $50,000 in one month.... Does the seller have to send me a 1099 or am I responsible for tracking what I make? And how would I report that?  .  

QUESTION #2:. What if I do a regular rehab and sell in the span of 3 month?  How would the IRS know about the sale and how would I report that profit?

---. Basically, I'm just trying to figure out how all of this stuff is reported and how would I pay taxes on it...... Thank you for your help

[Mark H. Porter]

David, not taking away anything from Natalie, but you really need a good local tax person to guide you through the scenarios. One mistake can really screw things up.