Double Closing and Capital gains tax for wholesalers

[Adekunle Popoola]

I am an wholesaler who recently had a double close. i would like to know the following?

-Are my proceeds subject to capital gains tax?

-If so, What portion of my proceeds will be subject to the capital gains tax?

-Considering the fact that my primary business is wholesaling, shouldn't my proceeds be taxed as ordinary income?

I would greatly appreciate it if anyone can shed some more light on this issue for me.

[Jesse LeBlanc]

Ordinary Income, the highest taxed amount. :)

You need to get hooked up with a Real Estate CPA to help you minimize your taxes.  Buy more assets to help offset your income.  Your CPA might also recommend your llc being taxed as an S-Corp, but there are many variables that only you and your accountant will know and should know to determine the best tax strategy for you sir.