New Member

Business & farm

You can report your multi-member LLC as a partnership, and you would enter the total of the 1099-K and all appropriate deductions on the Form 1065 Partnership Tax Return.

Included in the partnership return would be the Form 1165, Schedule K-1's (each partner's share of income and expenses), one of you and one for your partner.

Each of you would report the information from the K-1's on your respective individual tax returns.