Legal Question in Tax Law in New Jersey
Are there any tax liabilities on bartered goods / services? Ex: A painter paints a mechanics car in exchange for the mechanic fixing the painters car.
Asked on 5/14/11, 10:23 pm
1 Answer from Attorneys
Ronald Cappuccio
Ronald J. Cappuccio, J.D., LL.M.(Tax)
In the US, the fair market value of the exchanged goods an services are included in Income. This is also true of "barter clubs."
I hope this helps!
Ron Cappuccio
(856) 665-2121
www.TaxEsq.com
Answered on 5/22/11, 10:16 am
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