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Are transfer by barter, exchange, and trade-in subject to tax?

April 26, 2017barter exchange Subject tax trade-in transfer

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Are transfer by barter, exchange, and trade-in subject to tax?

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Yes, the total value or consideration given to acquire tangible personal property is included in the amount subject to tax. In general, consideration includes cash, assumption of any loan, cancellation of a debt, value of property traded or exchanged, value of services bartered, and any other payment, valued in dollars, given to purchase the property.