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Level 1

flipping houses with my friend

I give my money to my friend to buy a home, he  buys the home in his name and then does all the work and resells it, we split the profit 50 50.  I rollover my profit and give it back to my friend to buy another home.  At the end of the year he gave me $30,000 1099 misc that I had rolled over this money, meaning I gave it back to him to buy another property.  How do I report this 1099 misc that he gave me? thanks

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Employee Tax Expert

flipping houses with my friend

Based on what you described, you invested money (ostensibly without entering into a partnership) and then received a return of your investment plus income from your investment of $30,000.  That is presumably the income reported to you on the 1099.  

 

More information may help better answer your question.  For example, what was the written agreement for the investment, and how was the income reported on the 1099 (which form and box)?

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