Profit Split...1099?
My partner and I are currently doing two rehab projects and are splitting all net profits 50/50. No problems or questions there. We have both properties in his name alone. Loans are also in his name alone. We are trying to figure out how the profit split will best be handled when we sell the properties. His tax advisor said for me to simply fill out a 1099 form for my share of the profits and everything will be ok. Taxes are not my area of expertise. Profits should total to be somewhere around 40-50K total or 20-25K each.
Thanks in advance.
Suntzu18
Any thoughts?
Suntzu18