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briensmith
Subject : Partnership Taxes
Posted : 6/13/2017 10:35 AM (#10466)
Old School

Posts: 102
100

Partnerships are also generally required to complete a federal Schedule K-1, Partner’s Share of Income, Deductions, Credits etc., for each person who was a partner at any point during the tax year.  

The K-1 form lists the partner’s name, address and percentage share of profits, losses, capital and liabilities. It then lists the partner’s share of ordinary business income or loss, rental income or loss and interest income. It also includes the partner’s self-employment income, credits and distributions.


Thanks


www.barretttaxlaw.com

Barrett Tax Law
45 Basaltic Road, Suite 1B
Vaughan, ON
L4K 1G5
(416) 907-8429

Barrett Tax Law - Ottawa
116 Albert Street, Suite 702
Ottawa, ON
K1P 5G3
(613) 667-2419

 

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