I own a partnership with a 50/50 split that does not qualify to have to report a T5013 as it does not qualify. Therefore, where do I report the income/loss?
I own a partnership with a 50/50 split that does not qualify to have to report a T5013 as it does not qualify. Therefore, where do I report the income/loss?
Partnership does not have to submit a T5013 as it does not fall under these categories: The total of all revenue and expenses exceed the $2 million threshold during a fiscal year. This applies even if the expenses exceed the revenue, for instance, if you generate $800,000 in revenue and incur $1.5 million in expenses.
If the partnership owns excess of $5 million in assets. The CRA considers both tangible and intangible assets located in Canada and worldwide.
If you are a partner in another partnership or have a corporation or trust as a partner.
I own a partnership with a 50/50 split that does not qualify to have to report a T5013 as it does not qualify. Therefore, where do I report the income/loss?
If your partnership was a limited partnership, you can enter your loss on the Limited Partnerships page. To do this in TurboTax Online, use the Find tool (magnifying glass) to search for “Partnership Income Not Report on a T5013”, then select it from the list.
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