Tax Documentation for flipping houses

[Ryan Chlebek]

Hey everyone,

I've been combing through many of the forums related to "end of year" taxes on the net profit from a flip.  I've come to the conclusion that I just really need to talk to a good CPA.  However, I do have a couple questions that I was hoping the community could help me with.

1) What kind of "end of year" tax documentation do you get when flipping a house, if any at all? (1099, W-2, etc).
2) Does anyone else here set aside a percentage of their net flipping profit to cover end of year taxes? If so, what's a good percentage to set aside? (10-15%? more? less?).

Thanks to all!