Updated over 6 years ago on . Most recent reply
Splitting Profits on a Flip
My mom and I are buying a house to flip. She will put up the money for the house and rehab. I'll be doing all the work. We're going to split the profits 50/50. This is my only job and will likely be my only reported income for 2019. How do we report that she paid me half of the profit on tax returns so that she doesn't get taxed again for profit that wasn't actually income for her?