Profit Split on Flip

[Jian Li]

Hello All,

Looking for some advice, did a flip house with a friend/partner. I am the money guy he is the rehab guy. The house is being closed on very soon. The property is completely in my name and I want to ensure I am not going be responsible for all the taxes on the profit, which we are splitting 50/50. I was thinking of cutting him a check for the half and he writes me up a bill for the work since he is a licensed contractor. Would this alleviate my tax burden to only my share when tax season comes around?

Thanks All!