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I think that's where the IRS' definition of "fair market" value comes into play. They'd only tax you on the market value of that piece of paper... which is $0.
by johndevor 13y ago
I think that's where the IRS' definition of "fair market" value comes into play. They'd only tax you on the market value of that piece of paper... which is $0.
- shurcooL 13y agoGood point. But what if it's some weird personalized product/service that is worth a lot to one person but worthless to everyone else (like personal memories, photos, etc.).
- nathan_long 13y agoHow large does a market have to be to "legitimately" place a value on something? If there exists one person who will pay you $10 for your used tissues, are they worth $10? What if there are 10 such people, or 100? I'd say the market has to be 1 person, but I suppose the IRS has a different definition.