“I’ll do your family’s dental work for free if you build a deck onto my house.”
如果你在 建筑行业, you’ve probably received an offer like this or made a similar offer to someone else in a different line of business. It’s a modern variation of the age-old practice of barter. What makes it especially intriguing in this day 和 age is the idea that you can exchange services or products with someone without exchanging money.
Keep in mind, however, that there are tax consequences 和 the 国税局 often inquires about 物物交换 当它进行审计时. 根据法律, a barter transaction is generally subject to income tax even if the trade is relatively even. Each business must pay Uncle Sam based on the fair market value of the service or product received.
一个例外: A transaction that qualifies as a “like-kind” exchange — for example, a trade of one commercial building for another.
Going back to the previous example, let’s say that you would normally charge $25,000 to build your dentist’s deck 和 your family receives dental care that would have cost you $22,自掏腰包. The law requires you to pay tax on the $25,000 as if you had actually received it.
Suppose you receive a promissory note from another business in exchange for your services. If the note is merely security for future payment of income, you don’t have to report the income until you start receiving it. 然而, if the note is a negotiable instrument, you must report the fair market value of the note in the year the note is received.
记住: If you trade your product or service for a deductible product or service, then you have both taxable income 和 a tax deduction. The two items offset each other but both must be reported on your return.
通过物物交换, you can trade away excess inventory, hang onto your cash 和 run jobs during slow times. You may also find yourself 物物交换 when a customer doesn’t have the money on h和 to complete a transaction. 在某些情况下, receiving the customer’s services in exchange is preferable to pursuing the matter through the courts.
For more information, contact Tom Bailey using our 网上联络表格.
委员,葡京会手机app下载 & 老葡京手机app(老葡京手机app) is a professional services firm delivering tax, accounting 和 business advisory expertise throughout the Mid-Atlantic region from offices in 马里兰州贝塞斯达 和 华盛顿特区.
