A partnership can have 2 types of partners - general partners and limited partners. General partners are active in running the business that partnership engages in. Limited partners only invest in the partnership. If the partnership loses money, then the limited partners will have a limited partnership loss to report on their tax return.
You may be involved in a limited partnership because of something you invested in. If you have a T5013 slip, that's a Statement of Partnership Income, and may show limited partnership losses.
EB16
New Member
conbonyoungster
New Member
beracuda2008
New Member
carm_64
New Member
graham-page11
New Member
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.