Silent investor taxes
Hi All,
I just finished my first flip and is now under contract! My mentor/partner has been doing this for the last few years now. I was able to secure some silent investors to help rehab this property. After the house closes, I'm going to expect a W9 from my partner's LLC to my LLC since the property is under his business and the hard money lender. I brought $32k to close and put another $20K in on my business credit cards. When I go to pay my silent investors back, am I supposed to give them a W9 for the profits to relieve me of the extra taxes?