Bartering Group Launched in Charlottesville
Join the discussion below, or Read more at NBC29 Charlottesville.
#1 Jan 17, 2013
There's a reason currency was invented, and that's so you didn't have to track of what services someone has performed for you or what you had done for someone else. You could just pay someone for their service and they could then use that money to pay for a service or product of their choosing. A lot easier than managing a timebank.
#2 Jan 17, 2013
"Bartering Group Launched in Charlottesville"
"Isnt TimeBanking the same as bartering?
Nope in TimeBanking, you dont need to decide how youre going to work out an equitable trade with an individual. Instead, you perform the service and bank the hour(s). Then, you decide how and when to spend your hours with any other member of the TimeBank."
"How does the IRS get its tentacles around this?"
#3 Jan 17, 2013
Just what the local crooks want, they rob and steal, then wait to get caught and THEN pay their debt to society.
#4 Jan 21, 2013
Time banks are not barter systems. Bartering is taxable, time banking is not. The reason? There is no legal obligation on anyone's part to perform any service, and there is no cash value on any service. A mechanic may fix my car, or a lawyer may help me, but I owe nothing to them other than credits for their time, which are worth no cash. All time is valued equally, regardless of the service. In turn, the mechanic or lawyer may be refused were they to demand something in return in a rude fashion. This also is different from barter, where they would have legal recourse. Robert Putnam describes two kinds of reciprocity: specific reciprocity, where I do something for you and you do something for me, and we negotiate--is like barter or commercial exchanges with money. Generalized reciprocity is much different: I do something for you as part of a community, and I hope that someday someone will help me in the community--that is more like time banking. Instead of supply and demand, we supply and ask nicely, accepting that the answer may be "I can't this month."
#5 Jan 21, 2013
Yet the model works on the expectation of reciprocity.
#6 Jan 21, 2013
This is reciprocity! The definition of reciprocity is multi-faceted, as Putnam explained in his book "Bowling Alone." Timebanking is way beyond barter, and that is why it is different from all other currencies. We are banking on faith in community, connections, not in power over others or legal contracts that separate us. We are building trust, and that is definitely hard for the IRS to get its hands on.
#7 Jan 21, 2013
This is doomed to fail. Since when is a doctor's hour worth a flower arranger's hour?
#8 Jan 22, 2013
Banking on faith is good. I guess I was just skeptical a lot of people would join with the expectation of either nothing in return or a chance the hour received in trade may have nowhere near the value of the hour expended.
They could do volunteer work directly, and possibly claim a tax deduction if so inclined.
"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. 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 provide or may provide under the bartering arrangement."
So in cville timebanks example
where Ben files Joe's taxes for Joe painting someone else's house, seemed to me initially just a circular example of IRS's definition of bartering.
Equalizing the value of their otherwise marketable hourly rate to the same time units brings the IRS onboard
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