I rent space in a flea market. One day/ week i work 10 hours with no wages paid, in exchange for reduction in rent. Does my employer owe taxes, and is this reportable income?
2006-09-13 19:55:15 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
I rent space in a store. 10 hours each week I work for the store owner without payment in exchange for rent reduction. Is any of this barter reportable for tax purposes.
2006-09-13 19:58:48 · update #1
I know my accountant asks us annually if we did any bartering. He knows where it goes and how it is figured on the tax return. My guess is that it is taxable due to the goverment being THE GOVERNMENT... Soon they will tax our sexual acts and toilet usage when they figure how much they could really make on that too> >:|
Contact an accountant for just a simple consultation.. it should be worth the money you spend. Remember... always pay people smarter than you to help you / or work for you! : )
2006-09-14 04:43:18 · answer #1 · answered by Kitty 6 · 0⤊ 0⤋
Officially, yes, barter proceeds are taxable income.
2006-09-14 21:29:14 · answer #2 · answered by Judy 7 · 0⤊ 0⤋