You and your brother need for form a partnership, and inform the management agency that all future payments are to be made to the partnership, and all future expenses are to be billed to the partnership.
A partnership files a physically separate 1065 partnership return. The partnership then issues each partner their own individual K-1 that shows the taxable income received by that partner, and they use that K-1 for filing their personal tax return.
If your state taxes your income, you'll need the K-1 information for your individual state returns also.
