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. – IRS Topic 420
So, is this exchange considered taxable income? YES – Barter income is taxable income. When a barter arrangement occurs you must include in gross income in the year of receipt the fair market value of goods and services received in exchange for goods or services you provided under the barter.
Additionally, the barter expense must be reported on a Form 1099-misc (or a Form 1099-B if it was part of a barter exchange group). Both the expense of the barter and the income “gained” from the barter must be included on your Form 1040 and your Schedule C.
You can read it for yourself at IRS Topic 420.