Posted by Dave T on February 05, 2010 at 08:45:37:
In Reply to: Re: Lease/Option Sandwich TAX HELP!!! posted by Bob on February 05, 2010 at 03:21:54:
Your sellers are your landlords. You are their tenant paying them rent each month. Your sellers are probably asking for a 1099 MISC showing all the rental income you paid each of them during the year.
You are a landlord to your buyers, they are paying you rent each month.
Your income is your rental collections from your tenant/buyers. Your expenses are your rental payments to your seller/landlords plua whatever office supplies, postage, mileage, advertising, legal, and any other expensess you incur in the course of your business.
Your net cash flow is your taxable business income.
On your tax return, fill out schedule C as a sole proprietor (unless your company is a partnership or a corporation) and compute your social security and medicare payments on Schedule SE.
- Re: Lease/Option Sandwich TAX HELP!!! Bob 13:50:07 02/05/10 (1)
- Re: Lease/Option Sandwich TAX HELP!!! Dave T 19:07:56 02/06/10 (0)