Exploring Farm Income: A Guide to Calculating Your Elected Income

As a farmer or fisherman, calculating your elected farm income is crucial for tax purposes. In this article, we'll break down the process of figuring out your taxable income from farming or fishing.

First and foremost, it's essential to understand what constitutes 'fishing' in the context of agricultural income. The term 'fish' includes finfish, mollusks, crustaceans, and all other forms of marine animal and plant life, excluding marine mammals and birds. However, scientific research activities conducted by a scientific research vessel are not considered fishing.

When it comes to leasing a fishing vessel, the lease payments must be based on a share of the catch or proceeds from the sale of the catch, and the lease agreement must have been entered into before the lessee begins any significant fishing activities. Additionally, compensation received as a crew member on a vessel engaged in a fishing business must also be based on a share of the catch.

In contrast, attempting to catch fish, taking or harvesting them, or engaging in any other activity that can reasonably be expected to result in catching or harvesting fish is not considered fishing. This includes operations at sea in support of or preparation for any such activities.

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