03-27-2022, 06:25 PM
(03-27-2022, 01:58 PM)MalevolentTwitch Wrote:(12-31-2021, 01:20 AM)ABNARTY Wrote: 5. If you barter something, it must be included as income.
Sure, but how do you assign value to the items bartered? Let's say I traded 20 pounds of rice for an alternator from a Toyota Corolla last summer... Does the IRS now decide what the value of either items are? If so, is that based on last summer's prices or current? Do they have a spreadsheet that includes everything ever created and their respective values? If the value of the rice is technically less than the value of the alternator, does that count as a loss? If so, do I get to claim that as an expense?
So many questions....
If it was up to me, I am not even bothering. Trade is a trade and it's done. The IRS can go pound sand
