Wholesale Help With Taxes

[Jerrold Browning]

Good Morning Fellow Investors!

Here is the dilemma. My partner and I are wholesaling and splitting everything 50/50. We are doing these deals under a company that he had before we started so at the end of the year he will have to pay taxes for the full deal vs just his half. I will also be responsible for my taxes that I will have to manually file for my half. If we take 15% off or whatever the amount is for taxes and then split I will be paying double. The only solution I thought of so far was to start a new LLC just for wholesaling. PLEASE help us out. We don't want to get too many deals under our belt without this resolved. Thanks in advance.