Publication 595 |
2000 Tax Year |
What Is Gross Income From Fishing?
Gross income from fishing includes amounts you receive from
catching, taking, harvesting, cultivating, or farming any of the
following aquatic resources.
- Fish.
- Shellfish (such as clams and mussels).
- Crustacea (such as lobsters, crabs, and shrimp).
- Sponges.
- Seaweeds.
- Other aquatic forms of animal or vegetable life.
You will generally figure your gross income from fishing in Part I
of Schedule C (Form 1040). For more information on Schedule C, see
Schedule C (Form 1040) under What Forms Must You
File?, later.
Wages.
Wages you receive as an employee in a fishing business are not
gross income from fishing. This includes wages you receive from a
corporation even if you are a shareholder in the corporation.
If you work on a boat with an operating crew that is normally made
up of fewer than 10 individuals, you may be considered a self-employed
individual instead of an employee. As a self-employed individual you
may receive gross income from fishing. For more information, see
Which fishermen are considered self-employed? under
Form 1099-MISC, later.
Patronage dividends.
Patronage dividends you receive from your fishing business
activities are generally included in your gross income from fishing.
However, do not include in gross income amounts you receive from a
cooperative association relating to the purchase of capital assets or
depreciable property used in your fishing business. You must reduce
the basis of these assets by the dividends.
Fuel tax credits and refunds.
You may have to include fuel tax credits and refunds you receive
from your fishing business activities in your gross income from
fishing. For more information, see Including the Credit or Refund
in Income under How To Claim Fuel Tax Credits and Refunds,
later.
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