1099-B, Box 3, nothing else

[powerage]

Client belongs to a bartering club and received a 1099-B for under $3600. From the way I read everything after searching this and other tax sites, I guess this goes on Schedule C, where I have put it. I have not filed the return yet. I did have it as other income, and his refund was increased by $40 bucks, which is under $60. No matter, his refund will be taken. He has no documented expenses for this income.

IMHO, Forms 1099-A and 1099-B should be entered just like a 1099-MISC or W-2, using boxes. I had a problem with a 1099-A the other day also, at work.

Also, IMHO once again, the client barters to help people out, not to make a profit. That is why I did have it as OI at first. It seems like he does really like helping people out.

Oh yea, I'm using TaxAct, if that matters.

So, other income or Schedule C?

[S T]

Barter Income

From Tax Topic 420

Topic 420 - Bartering Income

Bartering occurs when you exchange goods or services without exchanging money. An example of bartering is a plumber doing repair work for a dentist in exchange for dental services. The fair market value of goods and services received in exchange for goods or services you provide must be included in income in the year received.

Generally, you report this income on Form 1040, Schedule C (PDF), Profit or Loss from Business. If you failed to report this income, correct your return by filing a Form 1040X. Refer to Topic 308 for Amended Return information.

Link - for more info http://www.irs.gov/taxtopics/tc420.html

Sandy