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Updated almost 8 years ago on . Most recent reply

User Stats

91
Posts
26
Votes
Dane Peterson
  • Real Estate Agent
  • Sarasota, FL
26
Votes |
91
Posts

Tax Time... No 1099's for wholesaling/assignments??

Dane Peterson
  • Real Estate Agent
  • Sarasota, FL
Posted

Hey BP,

Filing my taxes for my first full year of being in Real Estate.  Every transaction I did last year was an off market transaction. All income came in as either an assignment fees or funds from vacant land sales I owned.  I've not received any tax forms from title companies and was wondering if that's normal?

At this point I've obviously got income to report and just curious how that's properly tracked.  I've only found the below that sounds like what I would do unless I received a 1099-B

Form 8949, "Sales and Other Dispositions of Capital Assets," to figure the amount of gain or loss from the sale. Transfer the results to Schedule D, an addendum to Form 1040

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