Income Received in Different Forms
Cash, Property, and Barter
Gross income is not limited to cash. If a taxpayer receives property, services, or participates in a barter transaction, the fair market value of what is received is generally taxable.
- Cash payments
- Gift cards provided as compensation
- Property received for services
- Barter exchanges
- Employer-provided taxable benefits
Note
The value included in income is generally the fair market value of the property or services received.
Summary
Taxable income may be received in many forms, not just cash.