North American Fruit Explorers mailing list at ibiblio

["Mark & Helen Angermayer" <hangermayer@isp.com>]

Helene,

 

Rivka is right, at least as far as the U.S. goes, don't know about Canada.  Barter income is fully taxable at the federal level.  It's measured by the "fair market value" of the goods or services exchanged.  My wife (CPA) has shown it to me in the tax code.

 

Mark

KS

----- Original Message -----

From: Road's End Farm

To: North American Fruit Explorers

Sent: Monday, May 26, 2008 9:56 AM

Subject: Re: [NAFEX] Selling fruit (small scale)

On May 26, 2008, at 10:10 AM, Hélène Dessureault wrote:

When there is no money exchange, the work is not accountable and not taxable.

I'm not a tax accountant, but I think technically that's not so. I think both parties are supposed to report barter income on their tax forms. In practice I suspect this is rarely done, and very hard to enforce, unless it was done in a formal barter network and records kept.

If someone got a lot of their income or labor this way, however, and if somebody in officialdom did notice, there might be trouble. I suspect trouble might be also possible from the minimum-wage enforcement people, in the case of labor.

--Rivka
Finger Lakes NY; zone 5 mostly

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