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Updated almost 4 years ago on . Most recent reply

Account Closed
  • Contractor
  • Cleveland, OH
5
Votes |
18
Posts

Taxes when property through wholesaler (Ohio)

Account Closed
  • Contractor
  • Cleveland, OH
Posted

Hello, I have a couple questions reguarding selling a property through a wholesaler. Am I paying capital gains tax on the amount I receive from the wholesaler or the sale price recorded on the deed? I asked someone at the title company and they told me I may have to pay higher taxes because the deed only transfers once and I may pay taxes on what the wholesaler sells the property for. 

Also, the wholesaler is located in the UK, but they claim they have a local buyer lined up already. I am hesitant to move forward with the transaction because of this. Anything I should be aware of or look into? Thanks

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