How do I figure my taxes if I trade services for tools and equipment ...

Question by That Guy Drew : How do I figure my taxes if I trade services for tools and equipment
I own a company that offers pressure washing, among other things. I?ll be washing a log home in the next week, and since I know and trust my customer, I offered to do the job for half price and a handful of tools and equipment. The only real problem is, I?ve never worked out a trade like this, so I have no idea how to figure the taxes. Can anyone tell me what to do? Thanks a lot, and have a great weekend. Best answer:
Answer by

?s Oozing Cyst ? Limpbutt bash
The fair market value of the goods received in trade is taxable income to you. Keep a detailed record of what you received and evidence of the FMV (eBay can help here) of the items.

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Source: http://www.lovefinanceinfo.com/2012/02/how-do-i-figure-my-taxes-if-i-trade-services-for-tools-and-equipment/?utm_source=rss&utm_medium=rss&utm_campaign=how-do-i-figure-my-taxes-if-i-trade-services-for-tools-and-equipment

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