Wholesale JV Deal and taxes

Wholesale JV Deal and taxes

Sales Consultant · Durham, NC · Member since 2015 · 25 posts · 2 votes

There are two separate LLC's involved on this wholesale deal. When the closing was done, the full assignment fee was issued to 1 out of 2 wholesalers. On the HUD settlement the full assignment fee was issued to the same wholesaler's LLC. The wholesaler who was paid then paid the unpaid wholesaler out of closing. What is he best way to handle filing taxes on this for both parties involved?

Thank you 

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