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New Member
posted Feb 25, 2023 1:51:11 PM

What are exemples of “Other amounts deductible from your share of net partnership income”?

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Level 5
Feb 26, 2023 1:20:24 PM

Line 9819 – Motor vehicle expenses (not including CCA)

You can deduct expenses you incur to run a motor vehicle you use to earn farming income. Fill in "Chart A – Motor vehicle expenses" of Form T2042. The chart will help you calculate the amount of motor vehicle expenses you can deduct. If you are a partner in a business partnership and you incur motor vehicle expenses for the business through the use of your personal vehicle, you can claim those business related expenses on Line 9943 – Other amounts deductible from your share of net partnership income (loss) of Form T2042.

Line 9943 – Other amounts deductible from your share of net partnership income (loss)

If you are a partner in a partnership and you incur motor vehicle expenses for the business using your personal vehicle, you can claim those expenses on this line. The expenses must not have been claimed anywhere else on the form.

 

Claim this amount only if the partnership did not repay you for these expenses. The limits discussed earlier in this chapter also apply to these expenses.

 

Fill in the "Other amounts deductible from your share of net partnership income (loss)" chart of your form. List the other amounts you can deduct from your share of the partnership's net income or loss.

 

For more information, please visit the Canada Revenue Agency page: Self-employed Business, Professional, Commission, Farming, and Fishing Income: Chapter 3 - Expenses

 

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