Tax implications of being finance partner on house flip

[Peter Amico]

Hi all. I am in the process of flipping a house with a partner. I paid for the house and he does the repairs and pays for the rehab. Then we split the profits. My question is how I should be taxed on the profits and how to report them. I think he will just write me a check for the profits. Is this short term cap gain or ordinary income with employment tax implications? House is owned in a land trust with each of us holding 50% interest (mine in llc).