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
- 11 months ago
Only in a person's delusional mind. Really? Two 8-year old boys TRADE toys - who cares?
- Max HooplaLv 711 months ago
IRS will not notice so just keep quiet about it.
- 12 months ago
no dumb ***....ask google
- SlickterpLv 712 months ago
Hypothetically, depending on the worth of the two items.
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- StephenWeinsteinLv 712 months ago
If the child trades it for something worth more that it cost the child, then yes, the profit would be income and is theoretically subject to taxes. But there is usually no tax on income for a person with less than a few hundred dollars of total income for the year. So I wouldn't worry about it.
- curtisports2Lv 712 months ago
You're 19 and you have an 8 year old? You probably have never had a girlfriend. Why do I have the feeling you're the same JeffTroll that posts the 'what would you do if you saw an X year old adult male hanging out with a y year old minor female?'
- Anonymous12 months ago
Don't feed the troll.
- JudyLv 712 months ago
uh,no. Would be far below the filing limit.