New Partners Finances

[kate331]

I understand the new partners finances dont come into the picture unless one is claiming undue hardship. When filling out financial statements should you include their contribution? For example your mortgage or rent is $1,500 a month but a new partner contributes $750. What do you put on your Financial Statement? Same could be said for utilities and food, etc.

 

[standing on the sidelines]

by rights if you only pay half of the rent then that is what goes on your financial statement. So even if the rent is 1500 you are only paying 750 the 750 is what you put down. Same with utilities, if the hydro bill is 100 bucks and you pay 50 then 50 is what you put down. If you pay all of one bill then you can claim the whole amount. Same as if the partner pays all of one bill, you cannot claim that.

In the end I really do not think the financial statement is really looked at with a fine tooth comb unless one is trying to claim undue hardship. That being said, it is always best not to fudge the numbers.