Where to enter rental property depreciation - 1040 or 1065?

[Duk]

My wife and I own a rental property.  We formed a multi member LLC with only us as the members, and we manage the rental property under the LLC, but the rental property is titled to us, not to the LLC.  Where do we enter depreciation of the rental property?  Under Schedule E on our joint 1040 or on the 1065?  And do we also enter the income and expenses of the rental property under Sched E or on the 1065?

[M-MTax]

If you and your wife live in a community property state you can do whatever you like.....1065 or 2 SCH Es. If you don't then you can still treat the property as either LLC property.....like as partners.....or as jointly held property and file a SCH E. What matters is whether you two have an agreement to share profits as partners. 

[Duk]

Thanks for your reply!  Yes, we do have an operating agreement and profits are 50/50.