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Say I'm part of a 2 person partnership in which I own 50% of the business. When filing my personal Schedule C income related to this business I'm asked to report the "total receipts and sales". Is this asking me to report the total value of sales for the entire business, or just my share of those sales?

For example, let's say my 50% partner and I made $10,000 of gross sales. When I'm filing my personal Schedule C to report the income I've made from this partnership, do I list the "total receipts and sales" as $5,000 to reflect my share of the sales?

If so, I assume the same thing is true for reporting my share of the expenses?

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If you're a partner in a partnership you do not file a Schedule C. Instead, the partnership files an informational return on form 1065 and allocates all the income and expenses to each partner using schedule K-1. From that schedule it then flows to your individual return, Schedule E.

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