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Timebanking is a great concept. However, amazingly, the IRS also considers 'time banking' tax evasion. Apparently, if someone does something for you as a favor
by DaniFong 18y ago
Timebanking is a great concept.
However, amazingly, the IRS also considers 'time banking' tax evasion. Apparently, if someone does something for you as a favor, you're supposed to log it as 'income' with wages charged at 'fair-market-price'!
- jgrahamc 18y agoIt would appear (IANAL) that time banking could be considered a form of bartering which is covered by the IRS here: http://www.irs.gov/taxtopics/tc420.html http://www.irs.gov/taxtopics/tc420.html "The fair market value of goods and services exchanged must be included in the income of both parties."
- stcredzero 18y agoA free forum that just happened to have features that made it a good ad-hoc barter network would be popular.