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jakescia

Posted 4/7/2009 15:02 (#672464 - in reply to #672451)
Subject: RE: Jake - did you see the post below?

Oskaloosa, Iowa 52577

Payments in kind are not subject to FICA taxes..........so the wife receiving grain.....ie "in kind" payment as compared to cash........would not pay FICA taxes...........but would pay income taxes.

Could be a payment in grain, nuts and bolts, a calf.........ie "in kind".

Note that husband would avoid recognizing income in his Sch F......but wife would recognize income as salary income---------so the grain "sale" is still income-taxed.

It's official---- have heard the "rumors"--- but IRS is stepping up enforcement......... - jakescia : 4/7/2009 11:02
- Jake - did you see the post below? - j doc : 4/7/2009 11:57
  - RE: Jake - did you see the post below? - jakescia : 4/7/2009 13:51
    - RE: Jake - did you see the post below? - plowboy : 4/7/2009 14:34
      - Problem only if you are in a multiple owner environment.......just have to segment........ - jakescia : 4/7/2009 14:56
    - RE: Jake - did you see the post below? - j doc : 4/7/2009 14:47
      - RE: Jake - did you see the post below? - jakescia : 4/7/2009 15:02
        
        RE: Jake - did you see the post below? - j doc : 4/7/2009 15:20
        
        "recovering CPA"----now that's one I am going to remember!! - jakescia : 4/7/2009 16:26
    - RE: Gifting grain to adult children - Don Kraft : 4/7/2009 17:16
      - It's a capital asset to them----not business. Same as stock. - jakescia : 4/7/2009 18:09
        
        RE: It's a capital asset to them----not business. Same as stock. - Don Kraft : 4/8/2009 17:17
- RE: It's official---- have heard the "rumors"--- but IRS is stepping up enforcement......... - BKN : 4/7/2009 13:10
  - I think there is more to that story............... - jakescia : 4/7/2009 14:08
- Re: It's official---- have heard the "rumors"--- but IRS is stepping up enforcement......... - jimg : 4/7/2009 13:34
  - Re: It's official---- have heard the "rumors"--- but IRS is stepping up enforcement......... - PaKettle : 4/7/2009 22:43

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