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?
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..........
All your property and the whole life belongs to the government. Get used to it.
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.
I've never heard a figure different than 600, but I may be behind the times. I M OLD
I just checked, you have to file if you make over $400.00, that's even worse. I hate the government.
http://www.irs.gov/individuals/article/ … 23,00.html
Guess his time did not come yet... Chances are you go together...
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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