I am wondering whether I should put the total income (and expenses) on EACH partner's T2125 form (2 partners, each owning 50%-50% of partnership) or if I should put the total income/expenses/etc on the form for each partner?
This is our first year filing for the partnership as it was just created in 2014.
Example: Let's say we made $1000 total this year in the partnership. Do I put $500 on my T2125 and $500 on my other partner's? Or $1000 on each T2125 as the income/sales?
Also, let's say I spent $500 on office supplies with the company. Do I put $250 on each expense return? Or $500?
Per previous answer (for search purposes) you put in $1,000 for revenue, and $500.00 for each expense. The software takes 50% of each and tallies up the result at the bottom. This may need to be done for each partner, spousal return or not.