Need some clarification; My client has real property in the USA. He got a gross rental income is $20000.00 US, and a net loss is $2592.00.
When filing 1135, In the Gross Income from all specified foreign property, it should be $20000 or -2592.00.
He got a gross rental income is $20000.00 US, and a net loss is $2592.00. Blockquote
Did you read your own post? Take a look at the bold in the quote.
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Thanks, @helga_spence. Further to this, The property has three owners with equal shares. If the total income is $60000, each got $20000 before expenses. So my question is, is everyone reporting $20000 on T1135, or are they all reporting $60000 each?
I think it should be $20000 each.
You may find this helpful.
CRA also posted this which references Joint Ventures