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Domain: timedollar.org
Stories and comments across the archive that link to timedollar.org.
Comments · 6
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Re:Barter and alternate currencies
Okay, here is all the documentation you want:
The IRS has issued three local rulings that Time Dollars are tax exempt. They have given three reasons for this status.
1. An hour is always an hour, regardless of what is offered
2. They are backed only by a moral obligation and are not legally binding
3. Their purpose is charitable.
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The timedollar is officially tax exempt.The IRS has issued three local rulings that Time Dollars are tax exempt. They have given three reasons for this status.
1. An hour is always an hour, regardless of what is offered
2. They are backed only by a moral obligation and are not legally binding
3. Their purpose is charitable.
http://www.timedollar.org/td_irs_rulings.htm -
Re:Barter and alternate currenciesHere's a snippet from The Picket Line around this time last year that covers barter and alternative currencies and their tax implications:
I touched on alternative currencies, a concept which is tangential to my experiment, in an earlier entry. If you're intrigued by that sort of thing, you'll probably be interested in this interview with Bernard Lietaer. He discusses several alternative or complementary currency systems in use worldwide. He also claims that something called the time-dollar that is being used in the U.S. has been ruled tax-free by the IRS, something that I would want to see documented before I'd believe it, since the feds aren't usually so kind to barter or mediated-barter arrangements.
Well, thanks to google, the documentation is at hand. "Why the Taxman didn't come" explains the background of the ruling and its limitations, and a Time Dollar FAQ goes into more detail, but I wasn't able to find anything on the Internal Revenue Service website.
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Re:Barter and alternate currencies
A good example of RTFA, or at least follow a few more links before commenting. Time dollars are not taxable. See here for IRS rulings on the subject.
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Complementary Currencies an i-neighbors.orgI'm involved in the creation of a complementary currency, which will probably be peer to peer (JXTA) based. It will be similar to the timedollar. A complementary currency would be a useful addition to somthing like i-neighbors. Neighbors could offer and exchange services and goods through your system. Offering a localized Ebay-like platform would allow to exchange or lend used items locally (without any need for remote distribution). My own plans for such a system go even a little bit further and will include a booking system for reserving items electronically and an inventory where items to be sold later can be made visible ahead of time. In the extrem case a person or company can make items visible even before they are bought 1st hand and a 2nd hand buyer (or potential lender) can make a commitment to buy, share or lend the item later on.
There's a JSR (Java Specification Request) for complementary currencies at http://dem.sourceforge.net/JSR/.
I'm also involved in a PGP-based voting project. PGP-based voting might be an interesting addition to usual polls: A peer to peer network (Java JXTA, jxta.org) is used to collect PGP-signed votes which do not have a legal status but can be used to collect a public opinion with a very high credibility (in my case, to prepare for a direct democratic public poll about the european constitution as a next step). More information about this can be found at http://pgpid.sourceforge.net/. -
sounds a bit like time dollar
TimeDollar.org
people trade services in a community for "community points" tradeable for services/etc from other participating community members. So you can fix one persons computer and get plumbing services from someone else, etc...
*shrug* A real neat idea IMHO.
e.