Yes, your comment in your earlier post was correct. You report all income and expenses on the Form 1065 U.S. Return of Partnership Income and then the partnership will issue a Schedule K-1 to each partner reflecting each partner's distributive share of income and expenses from the partnership. As tenants-in-common, the partner's may have equal (yet undivided) interests in the partnership property or such interests may be unequal. Whatever percentage each partner owns in the property as a tenant-in-common is entirely within the discretion of the partners.
Upon receipt of the Schedule K-1, each partner will prepare their own tax return.
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