Income from wholesaling to pay off my house

Member since 2024 · 15 posts · 11 votes

Can I use income from wholesaling to pay off my house without paying taxes on it. Would I be able to accomplish this by quit claiming the deed into an Llc?

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Lydia R.
Investor · Austin TX · Member since 2016 · 1k+ posts · 2k+ votes
2y
You are going to need to speak to a CPA. But the general answer to your question is no. If you are earning income of any kind, the folks at the federal government want their piece. Wholesaling is earned income which is subject to taxes. Putting the house into an LLC does not protect you from paying taxes. Definitely seek some expert advice from an accountant or CPA who can advise you on the best ways to reduce the amount of taxes you owe to the IRS
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Andy Horobec
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Member since 2024 · 15 posts · 11 votes
2y
I appreciate the response. I was definitely planning on speaking with my CPA!
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Basit SiddiqiBusiness Member
Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
2y
No, you would pay taxes on the income you earned.
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Andy Horobec
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Member since 2024 · 15 posts · 11 votes
2y
Thank you for responding
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Chris SeveneyBusiness Member
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
2y
Quote from @Andy Horobec:

Can I use income from wholesaling to pay off my house without paying taxes on it. Would I be able to accomplish this by quit claiming the deed into an Llc?

No for everything you mention.
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