I just completed my first JV and was payed a small sum from another wholesaler. My question is:
For tax purposes, do we need to record a Bill of Sale-type document for the amount that the other wholesaler paid me - OR - do I just account for this as normal income at the end of the year?
Thanks in advance for the help!
I doubt you really had a JV. You just co-wholesaled with someone and split a wholesale fee. Account for it as what you call a normal income. It should be reported on your Schedule C when doing your taxes. No other documents needed.
@Michael Plaks yeah that is basically what happened. Thanks a ton!