| Filing Taxes: For tax purposes,
at the end of every year we provide a 1099B report to all JRTE
members, and in March we send the IRS copies of all of the 1099’s.
We are recognized by the IRS as a “third party record-keeper”,
as stated in the 1982 judiciary act. http://www.irta.com/RTTradeAndTaxes.aspx
Trading is recognized by the IRS as an income event
(earned trade) and/or expense event (spent trade) dollar for
dollar. Ask your accountant for details as every business
situation is unique.
How
does the IRS view purchases and sales made by members through
JRTE?
Members may deduct from their taxes; purchases for business
related expenses that are made through JRTE. Consult a qualified
tax consultant for advice and for tax-deductible expenses
allowable by law.
Do I need to pay taxes on my First Barter sales?
We recommend that you contact a qualified tax consultant for
advice, but in most cases you need to report this as income.
How do I handle the JRTE fees? Can they be a tax
write-off?
JRTE fees are similar to other expenses incurred in normal
business operations. We recommend that you contact a qualified
tax consultant for advice.
Remember we are not accountants and don't know your particular
business situation. Information above is given as a guide
commonly used. Consult your tax accountant or advisor.
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