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How to Report 50% share of Self-Employment with Dependent Son


TerryB3202

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My dependent son with a disability operated his own self-employment maintenance and landscape business in prior years and reported 100% of income, expenses, etc., on the Ufile T2125 screens.  He became more disabled in 2022 and I (head of household) took on 50% of the work for the year for 50% of the income after expenses.  How do we each report this income in the Ufile for Windows program?

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Hello TerryB3202,

You will create a Self Employment Income T2125 in both your files and enter "Co-ownership"  for the question "Type of ownership of the business" .

You will also have to indicate 50% for the question "Your share (%) of ownership if other than 100%" . You will enter the total amounts in each file and the the program will automatically calculate the amounts (income and expenses) at 50%. 

Under the heading "Partners" you must select "Other partner of co-owner of this business" , and fill in the page in both T2125.

 

 

 

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