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What if you were to get paid in something really non-traditional, like goats. i.e. - I build a fence for a farmer, and he gives me 7 goats. What do I owe the
by s_henry_paulson 14y ago
What if you were to get paid in something really non-traditional, like goats.
i.e. - I build a fence for a farmer, and he gives me 7 goats.
What do I owe the IRS?
- mhb 14y agoGood question for The Goat Spot: http://www.thegoatspot.net/forum/ http://www.thegoatspot.net/forum/
- jrmg 14y agoYou are required to count the fair market value of the goats as income.
- stevesearer 14y agoHypothetically, what if you only bartered and never used 'money'? Would you be required to sell a goat or cow in order to get the cash to pay taxes? Would someone from the IRS just show up and take a goat to sell if you didn't pay?
- jrmg 14y agoHeh, good question. I've never thought about it. Looking on Wikipedia, it does appear that you'd have to come up with the money from somewhere: http://en.wikipedia.org/wiki/Bartering#Tax_implications http://en.wikipedia.org/wiki/Bartering#Tax_implications
- rprasad 14y agoIn the US and the UK, income is income however earned in whatever currency or form transacted (i.e., whether cash, sex, goats, or blessings). The IRS does not accept payment in goats. They could secure a court order requiring you to sell the goat, or allowing them to sell the goat to satisfy your tax liability (with the excess returned to you).