In my area I have to obtain a DOT permit, a city permit if one is required, and usually an electrical permit. I work for a general contractor and the way we do permits is we obtain the building permit and the subcontractors are responsible for the pulling there on own permit under the building permit. Is this the same in billboards if I am flipping leases or am I responsible for pulling every permit required to build it?
On another note, how do income taxes work on flipping leases? Is it a captial gains tax or does the Billboard Company buying the lease issue me a tax form, such as a W-2? How much percentage do taxes normally take. I am not looking for anything specific, I am just trying to figure out how to budget my money once I start closing deals.
Thank you