Posted by Mike (WA) on January 31, 2011 at 14:01:12 from (69.10.196.7):
In Reply to: OT- Commodity wages? posted by kswillie on January 31, 2011 at 09:41:29:
If you're trying to get income but keep it off the books, there are better ways. Since they're all illegal, and I always try to avoid violating the lawyer Rules of Professional Conduct, I won't go into them.
If you work 100 hours, and get 100 bushels of $10 soybeans as compensation, you have been paid $1,000 "in kind", which is the same as being paid $1,000. Less clear is what happens if you hold them for 3 months and sell at either a profit or loss. Can you just declare whatever you end up with as wages, and report it as such? Or do you have to show the value as of the time of "payment" as wages, then the gain or loss as capital gain or loss? Not sure. As long as you keep it "short-term", the numbers come out the same anyhow.
Probably doesn't matter, because you don't want to do this anyhow. If Social Security catches you, you're screwed, and if you get hurt, you don't have any workmens comp, and you're screwed again.
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