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setting up LLC to Wholesale properties
As I said in the wholesaling thread, I am going to start wholesaling properties but was curious as to whether it is recommended if I set up an LLC, I have read somewhere that if I don't then the IRS will consider me a dealer (don't know what that means). Help on this would be great.
As well, what kind of taxes can I expect to be paying when I do wholesale these properties and is there a way that I can lesson the amount that I pay?
Any suggestions are helpful.