Hi Michael/GnuCash, https://www.irs.gov/taxtopics/tc420 - "Topic no. 420, Bartering income"
--- Thanks, Brad - https://www.facebook.com/brad.morrison.12327/ & https://norcal.social/@BradMorrison On 2024-08-30 05:32, Michael or Penny Novack via gnucash-user wrote: > On 8/29/2024 6:17 PM, Mark at Lorimark wrote: > >> (not an accountant) >> >> That sounds like 'barter' which should probably not be on the books? > > Not an accountant or tax advisor > > Neither am I but see topic "402 Bartering Income" on the IRS site. > > This one of the situations best NOT writing about an instance about because > commonly "cheated on" if those engaged in barter are sure no auditing trail > left behind. But here part of the exchange was in money. > > LOL, decades ago we were visiting in an "end of the road" community that by > government reckoning was extremely poor. Our hosts told us that poor, but not > nearly as poor as in the gov't statistics because most of the local economic > exchange was done by barter and off the books. While there, the flutter > valve in my Saab's fuel pump snapped. A local mechanic towed us a good > distance to his shop, where in exchange for a shop manual for the car* (not > expensive for me replace) and a small amount of cash** he took apart the fuel > pump and hand cut a replacement flutter valve from a bit of aluminum sheet > stock (after noting that the flip lib of a soda can was the same thickness as > the snapped flutter valve) which worked well enough to get us hundreds of > miles home. The total cost to me was a small fraction of what the tow, > diagnosis, and repair would have cost me in the city. Our hosts felt we had > been cheated! > > Michael D Novack > > * Not like comes with the car or a "Chiltens" but a full shop manual which I > carried as at the time Saabs uncommon in many areas. This mechanic had > shelves where he had shop manuals for as many as he could get a hold of, and > hadn't yet one for Saab. Like I said, a real out of the way end of the road > place. > > ** In defense, the people of this community could scarcely comply with the > IRS since the latter's evaluation of "fair market value" would not be taking > into account the LOCAL "fair value". In other words, when goods/services were > exchanged for money, that was a far smaller amount than "outside". Remember > our host's feeling we had been cheated. > > _______________________________________________ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > ----- > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
