If my 8 year old child trades his Spiderman toy for his friend's action figure, is that considered income and is my son subject to taxes?
Does he need to pay anything on his return?
Serious question, since trading and earning Bitcoin I just found out was 'taxable income' if it wasn't received as a gift.
This isn't even considered money or currency, like what the hell is this....
Trading assets has become taxable now?
I'm not that old (19) so I wouldn't know about most things when it comes to taxation