This publication highlights some special tax rules that may apply to you if you have your own fishing trade or business. The following persons have their own fishing trade or business.

• Fishing boat owners or operators who use their boats to fish for profit.
• Certain fishermen who work for a share of the catch.
• Other individuals who receive gross income from fishing.

Generally, you report your profit or loss from fishing on Schedule C or Schedule C-EZ of Form 1040. An example with a filled-in Schedule C shown later provides details on how to complete this form.

This publication does not contain all the tax rules that may apply to your fishing trade or business. For general information about the federal tax laws that apply to individuals who file Schedule C or C-EZ, see Publication 334, Tax Guide for Small Business. If your trade or business is a partnership or corporation, see Publication 541, Partnerships, or Publication 542, Corporations.

If you are just starting out in a fishing business or you need information on keeping books and records, see Publication 583, Starting a Business and Keeping Records.

Please note that this publication uses the term "fisherman" because it is the commonly accepted term in the fishing industry. In the following discussions it represents both men and women.

Comments and suggestions. We welcome your comments about this publication and your suggestions for future editions.

You can e-mail us while visiting our web site at www.irs.gov.

You can write to us at the following address:

Internal Revenue Service
Technical Publications Branch
W:CAR:MP:FP:P
1111 Constitution Ave. NW
Washington, DC 20224

We respond to many letters by telephone. Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence.

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