All income from the property is deposited directly into a business bank account in the name of the LLC. Expenses for the business are payed from that account and profits from the rental income are shared 50/50 by myself and my brother. Why wouldn't that qualify as being reported on the 1065 and 8825 form? If it isn't reported in that manner, how would I (and my brother) account for the income from the property in our personal taxes?
