And to be very clear: GnuCash does *not* support barter. All transactions must be valued in an ISO-4217 currency.
Regards, John Ralls > On Aug 30, 2024, at 09:30, Brad Morrison <bradmorri...@sonic.net> wrote: > > Hi Michael/GnuCash, > > https://www.irs.gov/taxtopics/tc420 - "Topic no. 420, Bartering income" > > --- > Thanks, > > Brad - https://www.facebook.com/brad.morrison.12327/ & > https://norcal.social/@BradMorrison > > On 2024-08-30 05:32, Michael or Penny Novack via gnucash-user wrote: > >> On 8/29/2024 6:17 PM, Mark at Lorimark wrote: >> >>> (not an accountant) >>> >>> That sounds like 'barter' which should probably not be on the books? >> >> Not an accountant or tax advisor >> >> Neither am I but see topic "402 Bartering Income" on the IRS site. >> >> This one of the situations best NOT writing about an instance about because >> commonly "cheated on" if those engaged in barter are sure no auditing trail >> left behind. But here part of the exchange was in money. >> >> LOL, decades ago we were visiting in an "end of the road" community that by >> government reckoning was extremely poor. Our hosts told us that poor, but >> not nearly as poor as in the gov't statistics because most of the local >> economic exchange was done by barter and off the books. While there, the >> flutter valve in my Saab's fuel pump snapped. A local mechanic towed us a >> good distance to his shop, where in exchange for a shop manual for the car* >> (not expensive for me replace) and a small amount of cash** he took apart >> the fuel pump and hand cut a replacement flutter valve from a bit of >> aluminum sheet stock (after noting that the flip lib of a soda can was the >> same thickness as the snapped flutter valve) which worked well enough to get >> us hundreds of miles home. The total cost to me was a small fraction of what >> the tow, diagnosis, and repair would have cost me in the city. Our hosts >> felt we had been cheated! >> >> Michael D Novack >> >> * Not like comes with the car or a "Chiltens" but a full shop manual which I >> carried as at the time Saabs uncommon in many areas. This mechanic had >> shelves where he had shop manuals for as many as he could get a hold of, and >> hadn't yet one for Saab. Like I said, a real out of the way end of the road >> place. >> >> ** In defense, the people of this community could scarcely comply with the >> IRS since the latter's evaluation of "fair market value" would not be taking >> into account the LOCAL "fair value". In other words, when goods/services >> were exchanged for money, that was a far smaller amount than "outside". >> Remember our host's feeling we had been cheated. >> >> _______________________________________________ >> gnucash-user mailing list >> gnucash-user@gnucash.org >> To update your subscription preferences or to unsubscribe: >> https://lists.gnucash.org/mailman/listinfo/gnucash-user >> ----- >> Please remember to CC this list on all your replies. >> You can do this by using Reply-To-List or Reply-All. > _______________________________________________ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > ----- > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
