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Bartering and Paying Taxes

  1. profile image0
    susanafeposted 7 years ago

    Bartering, as defined by the IRS, doesn't seem to have any limits on it. If friends exchange goods or services, the IRS expects taxes to be paid. There is nothing in the IRS code that distinguishes bartering between businesses and bartering between individuals.  Both are taxable.  How is someone's private life automatically a business trying to turn a profit?  How is it that helping someone is taxable?  Isn't what is done for family or friends private?

    1. Ron Montgomery profile image59
      Ron Montgomeryposted 7 years ago in reply to this

      The tax code is as confusing as it is unfair, but too many special interests lobby successfully for their interests to get anything done about it.

      Are you sure there are no dollar limits involved?  Wages for instance have to be over 600.00 per year before they have to be reported.  If you do a quick job for someone and earn 500.00 it is essentially tax free.  I doubt the IRS would prosecute you for trading a lamp to your cousin for a coffee table.  If you want to swap yachts however..........

  2. Misha profile image74
    Mishaposted 7 years ago

    All your property and the whole life belongs to the government. Get used to it. smile

    1. profile image0
      sandra rinckposted 7 years ago in reply to this

      errr... I knew I shouldn't have looked in here.  Anything with IRS and Government in it just makes me angry.  I will never get used to being used. yikes

  3. profile image0
    sandra rinckposted 7 years ago

    I thought it was 800.00 did something change... wait of course, it's always changing and they never let us know until afterwords.  I hate the government.

    1. Ron Montgomery profile image59
      Ron Montgomeryposted 7 years ago in reply to this

      I've never heard a figure different than 600, but I may be behind the times.  I   M  OLD

      1. Misha profile image74
        Mishaposted 7 years ago in reply to this

        Correction to my previous post: All your property in excess of $600.00... lol

        1. profile image0
          sandra rinckposted 7 years ago in reply to this

          Serious?  So they could tax me on my dog house? lol

  4. Misha profile image74
    Mishaposted 7 years ago

    Why not? It's a luxury item, dogs are not a necessity sad

    1. Ron Montgomery profile image59
      Ron Montgomeryposted 7 years ago in reply to this

      So why do we keep TK? yikes

      1. Uninvited Writer profile image82
        Uninvited Writerposted 7 years ago in reply to this

        big_smile big_smile

  5. profile image0
    sandra rinckposted 7 years ago

    I just checked, you have to file if you make over $400.00, that's even worse.  sad  I hate the government.

    http://www.irs.gov/individuals/article/ … 23,00.html

    1. Ron Montgomery profile image59
      Ron Montgomeryposted 7 years ago in reply to this

      OH CRAP!

    2. Misha profile image74
      Mishaposted 7 years ago in reply to this

      hate is not productive smile

      1. profile image0
        sandra rinckposted 7 years ago in reply to this

        Yes it is... it makes me feel better to publicize my disdain for the government. big_smile

        1. Misha profile image74
          Mishaposted 7 years ago in reply to this

          Can't argue with My Goddess. But will respectfully disagree tongue

  6. Misha profile image74
    Mishaposted 7 years ago

    Guess his time did not come yet... Chances are you go together...

    1. Ron Montgomery profile image59
      Ron Montgomeryposted 7 years ago in reply to this

      No way, no how, no where

  7. profile image0
    susanafeposted 7 years ago

    The only limits I found are for "Barter Exchanges" where people join and trade between members.  Those three exceptions are:   "exchanges through a barter exchange having fewer than 100 transactions during the year,
    exempt foreign persons as defined in Regulations section 1.6045-1(g)(1) and exchanges involving property or services with a fair market value of less than $1.00."  If you sign up for a Barter Exchange you have to give them your social otherwise you get 28% withholding on all transactions.

 
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