IRS Question for wholesale business

[Hisham Ahmed]

Hello everyone,

I just about to form an LLC in TX to do property wholesale, and I was wondering if I need to get an EIN number from the IRS for the business.

Is this kind of business taxable and I will need to file taxes every year?

Any help will be much appreciated.

Thanks!!

Hisham

[Wayne Brooks]

Quote from @Hisham Ahmed:

So in our situation after a wholesale deal, is there a tax on the assignment fee itself or the business LLC or both? i read online that Without factoring in the marginal tax rate or state taxes, A wholesaler will pay a 15.3% for self-employment taxes what would be the % for the other factors as well?

I am kinda confused with all these tax laws. Any clarification?
thanks!

The amount gets added to your other income and taxed as normal, in addition to the 15.3% ss/med.