House Flip 1099 Question

[Jordan Smith]

Hello all, 

I bought a house flip with one other partner, taking title as Joint Tenants. We agreed to split the profit 50/50, as he found the deal and worked with the seller, but didn't have the capital or expertise to complete the work. I came in to provide the capital and work/GC, and paid for the down payment on the house, all carry costs, and all renovation costs.

Now that we are set to close next week, we have a nice profit that we will realize, but given this is our first time flipping a house we are not sure how to have the proceeds reported on the 1099.

For example purposes (easy math here) - if "Net Cash to Seller" totals $150k, my down payment was $20k and renovation costs totaled $30k, my wire from the title company will be $100k ($20k down payment + $30k renovation + $50k profit), whereas his will be $50k.

Are we required to each report $75k on the 1099, and split the expenses on the tax return ($15k each)? Or are we able to report different amounts on the 1099, with only one person claiming the expenses as the step up in basis? 

My partner doesn't want to hassle with reporting the expenses so his goal is just to report the net number, whereas I would report all of the expenses. Just not sure if that is feasible.

Thanks all!