Land wholesaler. How to do my taxes

Austin, Texas
Tax, SDIRAs & Cost Segregation
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Land wholesaler. How to do my taxes

Hayden Thomas
Member since 2024 · 19 posts · 4 votes

I’m trying to figure out how to do my taxes. I wholesale vacant land. Buy cheap. Try to sell within 60 days. Who should I be looking for to properly help me with Taxes? What kind of CPA? Could really use that help. Thank you. 

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Michael PlaksPro Member
Tax Accountant / Enrolled Agent · Houston, TX · Member since 2014 · 5k+ posts · 6k+ votes
2y
Quote from @Hayden Thomas:

I’m trying to figure out how to do my taxes. I wholesale vacant land. Buy cheap. Try to sell within 60 days. Who should I be looking for to properly help me with Taxes? What kind of CPA?

Any CPA specializing in real estate. This forum has over 20 of us. Browse the forum, find a couple of experts who you want to work with and send a PM to them.

I would also wait a couple of days, since today is the IRS deadline of 4/15, and we're underwater.
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  • Bill HamptonBusiness Member
    Accredited Investment Fiduciary, AIF®, Financial Planner, Tax Strategist, Real Estate Investor · Atlanta, GA · Member since 2012 · 2k+ posts · 978 votes
    2y

    @Hayden Thomas

    I recommend finding a tax strategist specializing in real estate taxation. You may want to consider working with your tax strategist remotely to expand your options.

    I would also recommend looking for a tax strategist willing to work with you throughout the year, not just when preparing your tax return. You want an accountant who can help you strategize and who is responsive when you want to know the tax consequences of the decisions you are making throughout the year.

    Good luck.

    404-482-3170
    Hampton Tax and Financial Services LLC4.7106 Reviews
    WebsiteView Page
    1Reply
  • Michael PlaksPro Member
    Tax Accountant / Enrolled Agent · Houston, TX · Member since 2014 · 5k+ posts · 6k+ votes
    2y
    Quote from @Hayden Thomas:

    I’m trying to figure out how to do my taxes. I wholesale vacant land. Buy cheap. Try to sell within 60 days. Who should I be looking for to properly help me with Taxes? What kind of CPA?

    Any CPA specializing in real estate. This forum has over 20 of us. Browse the forum, find a couple of experts who you want to work with and send a PM to them.

    I would also wait a couple of days, since today is the IRS deadline of 4/15, and we're underwater.
    2Reply
  • Fulton Abraham Sanchez
    Accountant · CPA Miami, FL · Member since 2022 · 192 posts · 43 votes
    2y

    @Hayden Thomas, hi. As mentioned before, please feel free to reach out to an investor friendly CPA to help with your tax situation. Location is no longer an issue, you may contact them directly. 

    Best,

    1Reply
  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    2y

    Being a wholeslaer is having a business.

    You are in the business of finding and buying land/contracts for a short duration and then immediately selling them.

    One typical expense for a wholesaler is all the advertising costs to find motivated sellers.

    [email protected]917-280-8544
    Basit Siddiqi CPA4.979 Reviews
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  • Max Emory
    Accountant · 100% Remote · Member since 2019 · 497 posts · 216 votes
    2y

    Hey @Hayden Thomas, lots of great REI-savvy tax professionals here in the comments and BP in general.

    Do you have organized financials you can hand your tax filer so they can file for you? This is the first step.

    I'm happy to help you figure this out if you don't currently have accurate and up-to-date bookkeeping records in place (also needed throughout the year for a lot of reasons other than taxes).

    If you want to discuss or have any questions I can answer for you, shoot me a DM.

    Here to help!

    1Reply
  • Account Closed
    Accountant · San Diego, CA · Member since 2019 · 1k+ posts · 552 votes
    2y
    Quote from @Hayden Thomas:

    I’m trying to figure out how to do my taxes. I wholesale vacant land. Buy cheap. Try to sell within 60 days. Who should I be looking for to properly help me with Taxes? What kind of CPA? Could really use that help. Thank you. 


    If I could chime in to help in the search:

    be sure to find an accountant who is willing to grow with you, and is not too high priced fee-wise. Not too low either, you don't want to go with someone who is just focused on price as this is a quality of a not-so-great accountant. Accountants are in such demand, that the best are not even accepting clients half the time.

    The other problem I see often with accountants on here is that they specialize in larger investors, and have really high prices when you as a smaller investor do not need all the bells and whistles.

    Another thing I see is folks thinking they need to have a tax professional in their state. We as a firm have investors working with us who have rental properties all over the US big and small.

    Finding a real estate-focused tax professional and one who can help with advisory and grow with you would be my suggestion to focus your efforts on finding. Best of luck in your search!

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