How does a Canadian 50% owner of a USA-based LLC report income losses for 2014?
My business partner (Canadian citizen) and I (US citizen) are 50/50 owners of an LLC based in the USA. We didn't have income for 2014 but did have expenses. Can she claim her share of the losses as a deduction or writeoff? Does she need to file form T2125 to do so?
We have been unable to figure out for sure whether form T2125 applies to foreign partnerships or only (Canadian) domestic partnerships/corporations.