Financial Partner on Flip. How much should I set aside for Taxes?

[Adam Scheetz]

I'm partnering on my first flip with an experienced investor. I'm providing capital in exchange for percentage of sale profit. Following the sale, I should net somewhere around $20,000. I need to know, if he reports the profit for me via 1099-INT, what % should I responsibly set aside for taxes. I'm a military member living in NYC, my residency is in FL.

Again, I am ONLY providing money for flip. No mortgage, no swinging hammers, no employment. Straight Financial partnership in exchange for net proceeds.

Thank You in advance for being awesome.

[Wayne Brooks]

Whatever your fed income tax rate will be on the $20k, plus 15.3% self employment tax (ss/med).  Flipping income is not cap gains, it is ordinary income.