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Updated almost 11 years ago, 12/07/2013

User Stats

207
Posts
26
Votes
Bill Mitchell
  • Mansfield, TX
26
Votes |
207
Posts

Wholesaling Income & Taxes

Bill Mitchell
  • Mansfield, TX
Posted

This was my first year wholesaling part time here in DFW. I made a decent chunk of change doing it, about 40k. My question is when it comes to taxes, should I utilize a real estate tax professional at the end of the year? Based on what I have researched so far, it might not be worth it, and might be better to use a program such as turbo tax instead.

Money earned from wholesaling seems to be treated as regular income, with any deductions (marketing, website, driving etc.) made on schedule C.

If that is the case it might make the most sense financially to just use something such as Turbo Tax at the end of the year to see how much I need to pay back in taxes. I don't think visiting with a real estate tax professional will save me much money in this case. But I may be wrong, thanks in advance for your feedback.

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