Updated about 7 years ago on . Most recent reply
So do wholesalers get taxed?
Just out of curiousity because pretty much wholesalers only get checks. Is tax ever deducted or is it deducted from the closing.
Most Popular Reply
@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.
- Basit Siddiqi
- [email protected]
- 917-280-8544
Basit Siddiqi CPA
78 Reviews
4.9 stars