How much should I expect to pay in taxes?

[Michael W.]

I am a newbie, I have not done any deals yet, and I know I will be getting a CPA/bookkeeper; my question is: in general terms how much should I expect to pay in taxes? For instance, if I buy a house with an ARV of 150k for 75k, and wholesale it for 85k, how much should I expect the tax bill to be; will the tax be based on whole of the 85k, or the 10k profit? If on the 85k, will I have anything after tax for profit? If only on the 10k, I suspect about 50% left.

[Ned Carey]

I have no idea what an LPA is but you do not need a CPA. When I switched to my CPA, I told him one reason I was switching is my old accountant was not a CPA. He said "it doesn't matter. What matters is does he or she do a good job."