Bench Before and After

[bobm]

I barter with him, don't tell Bob

Haha, I debated whether or not to tell you it's a business expense and therefore a tax deduction.

Mary

NOPE ... in this case NYboy can NOT claim any tax deduction since he can't prove that he actually paid for it.

 

[seedcorn]

No, but he doesn't have to claim the value as income since no $$ exchanged hands. Same same

 

[Carol Dee]

Wow that turned out really beautiful. Your refinisher did a great job. Love the double welt around the edge of the upholstery.
did he think the wood might be cherry or mahogany??

 

[ninnymary]

NOPE ... in this case NYboy can NOT claim any tax deduction since he can't prove that he actually paid for it.

For your information he paid for the bench on craigslist. As long as he has a record of that he can.

Mary

 

[bobm]

For your information he paid for the bench on craigslist. As long as he has a record of that he can.

Mary

Yes, NYboy can deduct the amount that he actually paid as a business expense, however he can NOT deduct the barter amount. Unless, NYboy puts a vulue on his portion of the barter, then he has to report that barter value of the work done by someone else as income, then he can indeed claim the bartered amount as a business expence. In the end the barter amount itself only becomes a wash.

 

[Nyboy]

Carol mahogany makes 4 pieces of mahogany in the room. Reminds me @Ridgerunner did you ever get around to reading book I sent you ?

 

[Ridgerunner]

Not yet Alex, I'm finishing up the series I was on. Two more books to go. It's next on my list.

 

[Rhodie Ranch]

Hubby just bartered the other day. Tractor work at our new place for tiling a bathroom over the tub. The fella did a magnificent job getting rid of all the old plants and a two stumps. Bartering is great!

 

[baymule]

Beautiful bench, the wood is gorgeous.