It is my understanding that the US federal government levies taxes on gifts and barter. This proposal sounds to me like something in between the two, and if it is not, can certainly be construed to be by the prosecutor.
There is a tax on gifts in value greater than $17,000 per recipient per giver per year. Unlikely to be an issue.
There is only a tax on barter, essentially sales tax, in the event that the seller makes more than the item bartered cost them. Sharing, and there’s no profit or loss. Selling used stuff, and you’re unlikely to make a net profit.
The IRS might consider the creation of this app facilitation of tax evasion.
I really don’t see how? What tax are you thinking of?
It is my understanding that the US federal government levies taxes on gifts and barter. This proposal sounds to me like something in between the two, and if it is not, can certainly be construed to be by the prosecutor.
There is a tax on gifts in value greater than $17,000 per recipient per giver per year. Unlikely to be an issue.
There is only a tax on barter, essentially sales tax, in the event that the seller makes more than the item bartered cost them. Sharing, and there’s no profit or loss. Selling used stuff, and you’re unlikely to make a net profit.