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Taxes

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Author Topic: Profits From WHOLESALING  (Read 3041 times)

Offline TheWholesaler

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Profits From WHOLESALING
« on: August 16, 2005, 09:49:24 pm »
Hi,

I am new to the WHOLESALING but excited about it soo much.  Are the profits that you make from wholesaling considered CAPITAL GAINS?

Offline reoconsultants

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Re:Profits From WHOLESALING
« Reply #1 on: August 16, 2005, 10:44:12 pm »
No they are Income Tax!

Offline Roger J

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    • Hickory NC Homes For Sales
Re:Profits From WHOLESALING
« Reply #2 on: August 17, 2005, 10:50:45 am »
If your wholesaling by buying and then quickly reselling, then your profits would be considered ordinary income and would be taxed according to your tax bracket.  You would also be responsible for self employment tax on the profit as well.

Raj
www.HickoryNCHomes.com Search for all Hickory NC Homes for Sale.

Offline TheWholesaler

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Re:Profits From WHOLESALING
« Reply #3 on: August 22, 2005, 09:38:41 pm »
Thank you very much

 




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