Partnership Tax Question

[Eric Zawadski]

My brother and I “co-own” a triplex we just bought. Technically I own it, but we will be splitting all expenses, mortgage payments, rent, etc. All of the rent goes through me first because I am close to the property and the tenants know me as the landlord. My plan was to just send my brother half the rent each month minus expenses.

How would we go about claiming this? Would I need to say that I’m paying him like a general contractor? Would it just be less income that I’m claiming? I imagine he would just claim it as rental income, although I’ve personally never done that without first owning the property.

Obviously this is the territory of a tax professional, but I just wanted an idea of how we’d do it next year.

Thanks!