6. Bartering
Bartering is an act of trading different types of goods or services between two or more individuals without the use of money. Bartering is basically the oldest form of commerce. Any item or service can be bartered as long as all individuals involved agree to the terms of that specific trade.
However, the Internal Revenue Service is also involved (whether you like it or not). The goods or services you trade are fully taxable and they must be included as income on Form 1040 for all parties/individuals.
Plus, the IRS will also estimate the market value of the goods/services you barter, so there’s no way you can cheat on your taxes…
The last taxable item will leave you shell shocked…..
