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?

Update:

Does he need to pay anything on his return?

Update 2:

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....

Update 3:

Trading assets has become taxable now?

Update 4:

I'm not that old (19) so I wouldn't know about most things when it comes to taxation

8 Answers

Relevance
  • 5 months ago

    Only in a person's delusional mind. Really? Two 8-year old boys TRADE toys - who cares?

  • 5 months ago

    IRS will not notice so just keep quiet about it.

  • 5 months ago

    no dumb ***....ask google

  • 5 months ago

    Hypothetically, depending on the worth of the two items.

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  • 5 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.

  • 5 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?'

  • Anonymous
    6 months ago

    Don't feed the troll.

  • Judy
    Lv 7
    6 months ago

    uh,no. Would be far below the filing limit.

    • NA
      Lv 7
      5 months agoReport

      https://www.irs.gov/taxtopics/tc420

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