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I am in a partnership 50% ownership. Do I enter partnership expenses or just my share in the interview?

It isn't clear to me whether I include the expense of the partnership, or just my share, when entering the information in the interview.

1 Reply
CiciL
Returning Member

I am in a partnership 50% ownership. Do I enter partnership expenses or just my share in the interview?

Hello, 

 

 It depends on the nature of the partnership to determine where you enter your partnership expenses. If you are referring to the rental properties expenses from the partnership, you should enter the related expenses under "rental properties" and you claim 100% of the expenses. If you have any extra expenses you incurred to earn your share of the partnership income such as the business part of allowable motor vehicles expenses, you should check "self-employment" and check one of the interview question for "My work or business is a partnership" and enter the percentage of partnership. The income and expenses reported will be prorated in the calculation. 

 

Hope this helps!