How to report taxes on fix & flip where the house is not under my name?

[Ardel ALegre]

I enetered a partnership with a friend where we would go in 50/50 on purchasing and rehabbing a home last year, and we would then split the profits. We are novices and moved quickly, so we were not able to put the house under our partnership. We have not sold the home yet, but what is the best way to report the spending on my side so that when the house is sold, I am taxed appropriately only on the net gain? Also how can my friend report the payment to me so they are not taxed the full amount of the gains?