Qualified farm or fishing property

Generally, if you disposed of qualified farm or fishing property, you report any capital gain or loss in section 2 (lines 109 and 110) of Schedule 3.

When you sell or transfer qualified farm or fishing property (QFFP), it may also include a gain or loss from a mortgage foreclosure or conditional sales repossession. For more information, see Other mortgage foreclosures and conditional sales repossessions.

Special reporting instructions apply to the disposition of property included in capital cost allowance Class 14.1 that is QFFP. For more information, see the chapters called "Eligible Capital Expenditures" and "Capital Gains" in guides T4002, Self-employed Business, Professional, Commission, Farming, and Fishing IncomeRC4060, Farming Income and the AgriStability and AgriInvest Programs Guide, or RC4408, Farming Income and the AgriStability and AgriInvest Programs Harmonized Guide.

If you have a capital gain when you sell QFFP, you may be eligible for the capital gains deduction.

Completing your Schedule 3

Report dispositions of QFFP on lines 109 and 110 of Schedule 3.

If the capital gain or loss is from a mortgage foreclosure or conditional sales repossession, report it on lines 123 and 124 of Schedule 3.

If you dispose of farm or fishing property other than QFFP, report it on lines 136 and 138 of Schedule 3. For more information, see Real estate, depreciable property, and other properties.

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