Since you specified Sunday.....
Now THAT is funny 🙂
Jeff, where did you get a picture of my office?
Jeff, where/how did you get those pictures of my offices (work AND home...)
(echo, echo, echo... 🙂
Oh my.... who knew Santa was for sale.... I'm devastated. Next it'll be the Easter Bunny.
That got me thinking ... would the Tooth Fairy paying for kid's tooth be considered a taxable transaction? It seems like it to me.
RE: ... would the Tooth Fairy paying for kid's tooth be considered a taxable transaction?
Nope. It's exempt under the U.S. Treaty with Fairyland. I believe it was one of the few things accomplished by President William Henry Harrison Sr... (Commonly believed to be the least accomplished President.)
Oh, come on. 1099-R is a stretch. The payment is in exchange of a capital asset. Ignoring the Treaty, I'd say use the little-known Form 1099-T (T for tooth of course). However, if the kid pulled it out, perhaps 1099-NEC is appropriate for the SE portion.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.