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nafex - Re: [NAFEX] Selling fruit (small scale)

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  • From: "Robert C. Mullins" <mullins@gaelicmysts.com>
  • To: North American Fruit Explorers <nafex@lists.ibiblio.org>
  • Subject: Re: [NAFEX] Selling fruit (small scale)
  • Date: Mon, 26 May 2008 13:10:08 -0500

Easy way of getting around that is to not report it. Problem solved.

Mark & Helen Angermayer wrote:
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 <mailto:nafex@lists.ibiblio.org>
*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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--
Robert C. Mullins M.S. IT
GaelicMysts, Owner
Clarksville, Ar
Zone 8a
http://wildcraft.gaelicmysts.com





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