<p>I’m filling out an early estimate form for FA and have a question…the past 4 years I’ve worked as a horseback riding instructor at a local farm, but I do not get paid. Instead my trainer & I have worked out a “deal” where I work as a trainer/stable hand in exchange for my horse’s board. On my college apps I put it as a job, but I do not receive any pay (well, I sort-of do, but it’s complicated as you can see!), so on these estimates when it asks for student contribution…can I put 0 even though I put it as a job on my application?</p>
<p>Interesting - you’ve worked out a ‘barter’ deal which you should have been reporting on Schedule C (self-employment income) of your tax return…</p>
<p>[Bartering</a> Income](<a href=“http://www.irs.gov/businesses/small/article/0,,id=187904,00.html]Bartering”>http://www.irs.gov/businesses/small/article/0,,id=187904,00.html)</p>
<p>What we’ve worked out is I work the number of hours it would take to pay for my horse’s board ($800/month) and instead of giving me the money she uses what I’ve earned towards board. If there is a month where I can only work to pay off $500 (for ex) my parent’s will pay the extra $300.00 …not sure if that makes a difference?</p>
<p>buummpp, can anyone help?</p>
<p>Yes, you can put 0…but the colleges may expect a contribution anyway! Madison is right about the fair value of the barter being income, btw. In the eyes of the IRS, it is reportable though I imagine it’s well under the radar.</p>