What is the tax law concerning complementary currency?
The federal government considers it to be the equivalent of cash. Trade exchanges (including complementary currency systems) have the same reporting requirements as banks, savings and loans, credit unions and stock exchanges, as defined by the TEFRA Act of 1982. Complementary currency systems are required to report to you and the IRS, sales for the relevant tax year on a 1099B form. Other countries do not currently have income reporting requirements.
