Barter income

Practical and Practice issues for Professionals who practice in the area of taxation. Moral, social and economic issues relating to taxes, including international issues, the U.S. Internal Revenue Code, state tax issues, etc. Not for "tax protestor" issues, which should be posted in the "tax protestor" forum above. The advice or opinion given herein should not be relied on for any purpose whatsoever. Also examines cookie-cutter deals that have no economic substance but exist only to generate losses, as marketed by everybody from solo practitioner tax lawyers to the major accounting firms.
Burzmali
Exalted Guardian of the Gilded Quatloos
Posts: 622
Joined: Fri Mar 10, 2006 4:02 pm

Re: Barter income

Post by Burzmali »

Arthur Rubin wrote:I hadn't considered that. Perhaps we'll just need to fall back to there being no "secondary market" for most of the objects, making it impossible to assign a value. Although $0 is clearly inappropriate, perhaps regulations could still assign $0.
But some items on FreeCycle certainly do have substantial value (via eBay) that the current owner is uninterested in pursuing. Hence income to the receipent, and a taxable event...
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