So do wholesalers get taxed?

[Andy Tavarez]

Just out of curiousity because pretty much wholesalers only get checks. Is tax ever deducted or is it deducted from the closing.

[Basit Siddiqi]

@Andy Tavarez

You are required to report the income you earn on your tax return whether you receive a tax document or not. 

You may potentially receive a 1099-MISC for the commission you earned on your wholesale deal.

Depending on how much income you earn throughout the year; you may be required to pay quarterly estimated taxes. 

In short, you may be subject to federal income tax, self-employment tax and New Jersey Income tax.