Wholesaler has a property under contract for $65k the assignment fee was $25k making a total purchase price of $95k. I then rehab and sold for $132k. My concern is that the county recorder is showing that I purchased the property for $65k and sold it for 132k. How will this play out for tax purpose. Please advise
The assignment fee adds to your cost basis and would be a deduction for tax purposes The assignment fee should be on your settlement statement just give to your accountant.
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