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It's true! Nowhere on the tax forms does it say, "Approximate value of goods received in barter". Any transaction done through barter is not taxed. What are they supposed to do? Demand the first five eggs from every chicken bartered? 
So, this means, if you trade a $5,000 dollar piece of art for a new car (used car?), that's $5,000 of income you don't have to report to the government as well as $5,000 on which you don't have to pay sales tax! Woo hoo!!!
Medium: Photoshop CS5
Completed: Feb. 14, 2011
So, this means, if you trade a $5,000 dollar piece of art for a new car (used car?), that's $5,000 of income you don't have to report to the government as well as $5,000 on which you don't have to pay sales tax! Woo hoo!!!
Medium: Photoshop CS5
Completed: Feb. 14, 2011
Image size
99x56px 7 KB
© 2011 - 2024 Dorothy-T-Rose
Comments9
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I hate to be the one to break it to you, but technically speaking, a barter exchange is taxable as income to both individuals. Like most things in the tax system, however, this fact relies on the cooperation of those who owe the taxes.