Are employee or reportable taxes owed on exchanging labor for reduced rent.?

I rent space in a flea market. One day/ week i work 10 hours with no wages paid, in exchange for reduction in rent. Does my employer owe taxes, and is this reportable income?

Answer:
I know my accountant asks us annually if we did any bartering. He knows where it goes and how it is figured on the tax return. My guess is that it is taxable due to the goverment being THE GOVERNMENT. Soon they will tax our sexual acts and toilet usage when they figure how much they could really make on that too> >:|

Contact an accountant for just a simple consultation.. it should be worth the money you spend. Remember. always pay people smarter than you to help you / or work for you! : )
Officially, yes, barter proceeds are taxable income.

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