Tax Question

[Sal LoGrasso]

Hello All, I have a question about taxes.

In 2013 I bought a two family (in MA) with my cousin but I got the loan and only my name was on the deed. All expenses/deductions were split 50/50 for the entire time we owned the house. Last year (2015) we sold the property and made a decent profit, but the 1099 is in my name only.

Do I claim half of the profit shown on the 1099 and give my cousin a 1099-MISC for his half?