Posted by jackinok on January 31, 2011 at 11:04:41 from (162.58.82.136):
In Reply to: OT- Commodity wages? posted by kswillie on January 31, 2011 at 09:41:29:
well youve obviously figured out the problem if market went down,the opposite would happen if market went up.The benifit for him would be obvious as his grain would be worth your wages and no more or less,strenghtening his cash flow, allowing him to report less income from crops,and basically doubling his labor force for no cash out lay.Your problem would come when sale day came,do you sell at a profit thereby risking your other income? ,or do you sell at a loss helping reduce your tax liability situation?how exactly would you report this?income?production?two seperate identities,one buisness the other personal?lots of things to consider here,like the others say income is income,and must be reported somewhere( legally of course)Might be better,less paperwork ,less tax liabilities on both sides if he just gifted you the wages,you can still as far as i know gift someone $10K per year,if you made more have him gift that to your wife or something.you basicaly working for free to help him ,he gives you a gift of X number of dollars.he is not liable for workers comp and all the other things ,you dont have to report it because its a gift thats under the feds gift dollar limit..just a thought.
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