How would you structure this partnership?
I am a wholesaler, and I am working with another individual (r.e. broker). Right now only my name goes on each contract which in turn means all of our assignment checks are made out to me. I then write my partner a check for half. Doing it this way, it looks like (to the irs) I made all the profit even though it we split it in half. My question is, how do you structure this so I am not liable to pay taxes on the money we split? Should be ask to put his name on the HUD? Or should I file a separate tax doc stating what he is being paid? Any suggestion will be greatly appreciated.