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05/10/2013, 09:27 AM
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#1 |
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Registered Member
Join Date: Nov 2009
Location: Wasilla, Alaska
Posts: 1,420
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Frag swaps and non profit
Is there any red tape concerning taxes or any liability with a frag swap where people may be exchanging frag for frag or others may be buying frags from other members?
Usually 10-20 people get together lets say. We are trying to get our local frag swap group back together, but understand there may be some hoops to jump through. Anyone up on this for their area? Thanks, |
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05/10/2013, 03:47 PM
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#2 |
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Cloning Around
  
Join Date: Jun 2000
Location: Valencia, California
Posts: 25,267
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I'm not a tax lawyer or CPA, but if you want to go by the letter of the law, buying, selling or "bartering" (trading) are all taxable activities. Of course, most hobbyists aren't estimating the values of their frag trades and declaring them on their taxes...
Kevin
__________________
Back in the pool, swimming with the sharks... Current Tank Info: Red Sea 425XL w/Kessil AP700, Vertex 180i Skimmer, 2 x Vortech MP40s |
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05/10/2013, 05:05 PM
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#3 |
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Registered Member
Join Date: Nov 2006
Location: maine
Posts: 590
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Government already gets enough taxes.
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05/10/2013, 05:21 PM
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#4 | |
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Cloning Around
Join Date: Jun 2000
Location: Valencia, California
Posts: 25,267
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Quote:
Kevin
__________________
Back in the pool, swimming with the sharks... Current Tank Info: Red Sea 425XL w/Kessil AP700, Vertex 180i Skimmer, 2 x Vortech MP40s |
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