Qualified farm or fishing property
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 Income, RC4060, 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 10999 and 11000 of Schedule 3.
If the capital gain or loss is from a mortgage foreclosure or conditional sales repossession, report it on lines 12399 and 12400 of Schedule 3.
If you dispose of farm or fishing property other than QFFP, report it on lines 13599 and 13800 of Schedule 3. For more information, see Real estate, depreciable property, and other properties.
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