Looking for some Clarification.

[Chris Logan]

My wife & I own an Air B&B, and run it as an LLC in a non-communal property state. I just want to make sure we are doing this right. My understanding is we need to file a 1065 to generate K-1s. If we plan on filing a joint return, do we then take the info from the K-1s and each do a Schedule C for the 1040, or does it all go on one Schedule C? This is a new rental and this is our first year filing. Thanks!