Post by fernwood on Feb 24, 2020 5:24:08 GMT -5
Let me know what the IRS thinks of the slabs, lol.
It has always been interesting for me to determine the value of traded items. I have done that a lot, traded rocks/jewelry for other items/services. So, I am on the opposite side of where you are.
Lets say I trade crystals and jewelry valued at $50.00 for some Elderberry blend juice valued at $50.00. I have considered that a break even, no profit or loss. I pay someone $40.00 worth of rocks/jewelry to clean up fallen branches on my land, then what? Had been claiming the $40.00 as income. Do not know if this is the correct way to do things or not.
All I know is that I keep good records. And that the account who is going to do my income taxes will have to figure it out. In the past I have done my own, but they are just too complicated this year.
It has always been interesting for me to determine the value of traded items. I have done that a lot, traded rocks/jewelry for other items/services. So, I am on the opposite side of where you are.
Lets say I trade crystals and jewelry valued at $50.00 for some Elderberry blend juice valued at $50.00. I have considered that a break even, no profit or loss. I pay someone $40.00 worth of rocks/jewelry to clean up fallen branches on my land, then what? Had been claiming the $40.00 as income. Do not know if this is the correct way to do things or not.
All I know is that I keep good records. And that the account who is going to do my income taxes will have to figure it out. In the past I have done my own, but they are just too complicated this year.
