Comments on: The Barter Economy Returns http://www.mint.com/blog/finance-core/the-barter-economy-returns/ The blog of the free, simple personal finance solution. Track all your spending automatically, find the best deals, save more money. And save the world. Fri, 20 Nov 2009 20:48:42 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Marc http://www.mint.com/blog/finance-core/the-barter-economy-returns/comment-page-1/#comment-36389 Marc Thu, 03 Sep 2009 09:15:03 +0000 http://www.mint.com/blog/?p=3505#comment-36389 We are some way along the route of setting up a local bartering economy in our village in Kent. Although almost all of the village residents are keen on the concept, the local businesses have been at best cold, and at worst obstructive. We have decided to keep our bartering activity limited to non-business transactions only at present. Which is a shame because everyone could have benefited from the scheme. We are some way along the route of setting up a local bartering economy in our village in Kent. Although almost all of the village residents are keen on the concept, the local businesses have been at best cold, and at worst obstructive.
We have decided to keep our bartering activity limited to non-business transactions only at present. Which is a shame because everyone could have benefited from the scheme. ]]> By: Michael Douglas http://www.mint.com/blog/finance-core/the-barter-economy-returns/comment-page-1/#comment-34734 Michael Douglas Wed, 12 Aug 2009 20:40:59 +0000 http://www.mint.com/blog/?p=3505#comment-34734 Bartering never went away... we were just far too affluent for far too long for people to really care about anything else but consuming. Who cares if you can afford it, just put it on credit and pay for it later... EXACTLY the same tactics Obama is using to try and plug the mess now, except it's in the $TRILLIONS and we will have to foot the bill... again. I've been using a company called Merchants Barter Exchange for many, many years. They run and nice clean operation, don't overcharge, don't ask for any cash, and they actually do what they say they are going to do. Not had much joy in the past with favorpals.com, Itex, IMS, or BXI... not tried tradebanc.com, but I've not really heard anything good from any real people about any other large barter company but Merchants. Very good article, by the way! Bartering never went away… we were just far too affluent for far too long for people to really care about anything else but consuming. Who cares if you can afford it, just put it on credit and pay for it later… EXACTLY the same tactics Obama is using to try and plug the mess now, except it’s in the $TRILLIONS and we will have to foot the bill… again.

I’ve been using a company called Merchants Barter Exchange for many, many years. They run and nice clean operation, don’t overcharge, don’t ask for any cash, and they actually do what they say they are going to do.

Not had much joy in the past with favorpals.com, Itex, IMS, or BXI… not tried tradebanc.com, but I’ve not really heard anything good from any real people about any other large barter company but Merchants.

Very good article, by the way!

]]> By: dannyg http://www.mint.com/blog/finance-core/the-barter-economy-returns/comment-page-1/#comment-32625 dannyg Wed, 01 Jul 2009 15:59:43 +0000 http://www.mint.com/blog/?p=3505#comment-32625 The IRS is only concerned with businesses that barter and not individuals. And if a business barters for an item that would normally be a business expense then it would be a net zero. If the item barter value was $200, the business would claim $200 in income and claim $200 in expenses. But you are right, the IRS will never find out unless someone reports it. The IRS is only concerned with businesses that barter and not individuals. And if a business barters for an item that would normally be a business expense then it would be a net zero. If the item barter value was $200, the business would claim $200 in income and claim $200 in expenses. But you are right, the IRS will never find out unless someone reports it. ]]> By: WWFan http://www.mint.com/blog/finance-core/the-barter-economy-returns/comment-page-1/#comment-32420 WWFan Tue, 23 Jun 2009 07:56:25 +0000 http://www.mint.com/blog/?p=3505#comment-32420 Wow. That was a quick jump from IRS requiring taxes on bartering to socialized medicine..... I think the answer is there is no bartering. I do favors for my friends and they do favors for me. It's not bartering if it's not a reciprocal agreement. BTW: Canada and most of the EU have socialized medicine. It works pretty well, and they're not bankrupt. Wow. That was a quick jump from IRS requiring taxes on bartering to socialized medicine…..

I think the answer is there is no bartering. I do favors for my friends and they do favors for me. It’s not bartering if it’s not a reciprocal agreement.

BTW: Canada and most of the EU have socialized medicine. It works pretty well, and they’re not bankrupt.

]]> By: Hunter http://www.mint.com/blog/finance-core/the-barter-economy-returns/comment-page-1/#comment-32387 Hunter Sun, 21 Jun 2009 14:59:07 +0000 http://www.mint.com/blog/?p=3505#comment-32387 Let the IRS try to prove that barter has taken place! Is the IRS going to have a "spy" on every street corner to report barter? The bastards don't have the manpower right now. How is Caesar going to find out that someone exchanged electrical services for car repairs? The only way Caesar can tax barter, would be to impose a barter surcharge on the federal income tax and make every taxpayer pay the surcharge, whether barter has taken place or not. With the assholes we have in congress and the white house, I wouldn't be surprised if a a barter surcharge becomes part of the federal income tax. That is the stuff that insurrections are made of! look at what is happening in Iran! If congress raises taxes by billions of dollars to pay for socialized medicine, when the American people get tired of the tax burden, there will be an eventual insurrection!!! Let the IRS try to prove that barter has taken place! Is the IRS going to have a “spy” on every street corner to report barter? The bastards don’t have the manpower right now. How is Caesar going to find out that someone exchanged electrical services for car repairs? The only way Caesar can tax barter, would be to impose a barter surcharge on the federal income tax and make every taxpayer pay the surcharge, whether barter has taken place or not. With the assholes we have in congress and the white house, I wouldn’t be surprised if a a barter surcharge becomes part of the federal income tax.

That is the stuff that insurrections are made of! look at what is happening in Iran! If congress raises taxes by billions of dollars to pay for socialized medicine, when the American people get tired of the tax burden, there will be an eventual insurrection!!!

]]> By: Hunter http://www.mint.com/blog/finance-core/the-barter-economy-returns/comment-page-1/#comment-32386 Hunter Sun, 21 Jun 2009 14:42:38 +0000 http://www.mint.com/blog/?p=3505#comment-32386 So, what happens if barter is not reported to Caesar? Just how probable is it that the IRS will find out? Does the IRS have the manpower to root out barter? If I don't report the 25 hours of Spanish tutoring exchanged for car repairs, how will the IRS find out? So, what happens if barter is not reported to Caesar? Just how probable is it that the IRS will find out? Does the IRS have the manpower to root out barter? If I don’t report the 25 hours of Spanish tutoring exchanged for car repairs, how will the IRS find out? ]]> By: PaulCeo1 http://www.mint.com/blog/finance-core/the-barter-economy-returns/comment-page-1/#comment-31920 PaulCeo1 Sat, 06 Jun 2009 15:14:39 +0000 http://www.mint.com/blog/?p=3505#comment-31920 Our Exotic ranch has bartered 60% of our new processing plant. this includes material and labor. Craigslist has been a wealth of information for finding what we want to barter for. You do not have to go without just because you don't have cash. Get creative, and barter for what you want. Our Exotic ranch has bartered 60% of our new processing plant. this includes material and labor. Craigslist has been a wealth of information for finding what we want to barter for. You do not have to go without just because you don’t have cash. Get creative, and barter for what you want. ]]> By: Quellers http://www.mint.com/blog/finance-core/the-barter-economy-returns/comment-page-1/#comment-31854 Quellers Fri, 05 Jun 2009 08:10:25 +0000 http://www.mint.com/blog/?p=3505#comment-31854 According to the IRS, “If you conduct any direct barter - barter for another’s products or services - you will have to report the fair market value of the products or services you received on your tax return.” WTF is that about? So that means if I trade a pack of hotdogs for a can of beans, I and the other guy each owe the IRS a dollar? No matter what we do we have to give money to the IRS? What if somebody gives me a back rub and I wash their car? The IRS decides back rubs are valued at $50 and want me to pay them $15? That's F^(K@D! I think the "system" needs to be revamped. According to the IRS, “If you conduct any direct barter – barter for another’s products or services – you will have to report the fair market value of the products or services you received on your tax return.”

WTF is that about? So that means if I trade a pack of hotdogs for a can of beans, I and the other guy each owe the IRS a dollar? No matter what we do we have to give money to the IRS? What if somebody gives me a back rub and I wash their car? The IRS decides back rubs are valued at $50 and want me to pay them $15? That’s F^(K@D!

I think the “system” needs to be revamped.

]]> By: Television Spy http://www.mint.com/blog/finance-core/the-barter-economy-returns/comment-page-1/#comment-31851 Television Spy Fri, 05 Jun 2009 06:22:32 +0000 http://www.mint.com/blog/?p=3505#comment-31851 Well the IRS has to get involved because otherwise people would find really creative ways to launder money through barters and reclaiming it outside the country. Well the IRS has to get involved because otherwise people would find really creative ways to launder money through barters and reclaiming it outside the country. ]]> By: john http://www.mint.com/blog/finance-core/the-barter-economy-returns/comment-page-1/#comment-31837 john Thu, 04 Jun 2009 17:45:24 +0000 http://www.mint.com/blog/?p=3505#comment-31837 www.favorpals.com is the leading bartering site on the Web. http://www.favorpals.com is the leading bartering site on the Web. ]]>