Updated about 6 years ago on .
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How do I handle taxes with a fix and flip with a partner?
I am about to close on a fix and flip with a partner who is putting up half of the money. We didn't form an LLC before the purchase, so the house is in my name. When we sell how do I accurately split the profits to account for taxes?
Price:$87,000
Rehab: $30,000
ARV: $160,000