Hello!
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?
Thanks!
Mike
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.
Do we need to do this for each partner or since my partner is my husband and I put that in Turbo Tax, will it automatically add it to his profile? I've been doing this business for a couple of years and he just joined so I have CCA and stuff and not sure how to enter that on his profile if I have to. Thanks
I don't have a coupled return to try. Give it a shot and let us know how it goes. Your input is at least as valuable as mine.
I do have them coupled already but it's not showing on his return. It shows his percentage of it on mine but it doesn't transfer to his.
Tedious. It looks as though you will need to do the input manually. There is a considerable difference in behaviour between professional grade software and the retail versions. There are sometimes issues, but at least it is affordable. One thing you may find is that the CCA entry may be different from one to another based on the mileage amounts. If one partner drives more than the other that may be reflected in the CCA calculation.