Tax Question - Regarding Joint Venture

2 Replies

Hi BP!

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!

Ryan

@Ryan Whitcher

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.