Wholesaling and Tax Preparation

[Troy Michaels]

Got a quick question about wholesaling and taxes. When wholesaling, are you issued a 1099 or anything from the hud 1 form or do you just make sure that you take care of the taxes on your own according to how you are set up ( llc, corporation, etc.).......

[Steven Hamilton II]

Troy Michaels,

Was title taken into your name at all? If so you will receive a 1099-S. Often you are required to fill out a W-9 for the Title company and they will issue a 1099.

Bottom line regardless of whether or not you received a 1099 you should still be including the income on your tax return.

-Steven the Tax Guy

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