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  1. #1
    Join Date
    Jul 2015
    Posts
    36

    Default Do You Have to Pay Taxes on Barter Income

    The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
    Is it fiat currency?
    I know it's not just the $US you make as you have to report foreign currency as well.

    Say someone actively barters for a year - never exchanges his goods or services for money (perhaps a successful Timebankee) but still manages to acquire an increase in net value every year. How would tax law apply to them?

    What if you are a gold digger, but never sell your gold - as you know people who will accept gold as a medium of exchange, do you report this as income?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Do You Have to Pay Taxes on Barter Income

    Read this.
    Quote Quoting Bartering Income
    Bartering is the exchange of goods or services. Usually there is no exchange of cash. An example of bartering is a plumber exchanging plumbing services for the dental services of a dentist. You must include in gross income in the year of receipt the fair market value of goods or services received from bartering.

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