Online Bartering Tips ~ Things You Should Know Before You Barter Online

by Regina

Bartering And Trading, Frugal Tips, Online Shopping

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online-bartering-by-irina-slutsky.jpg Bartering is the act of trading goods or services for other goods or services that you don’t have the cash to pay for.

Online bartering has increased significantly over the past couple years.

In light of the current economy, many individuals and companies have resorted to bartering to get what they need.

For example, since many companies have maxed out their credit cards and can’t get loans, the idea of bartering has become very appealing.

The 2 most popular organizations that facilitate online bartering between companies are:

However, companies aren’t the only ones bartering these days.

Lots of individuals are bartering as well!

Here’s how to do it…

 

Bartering With Other Individuals

With the increase in layoffs, credit cards being maxed, and the inability to get loans these days, many people are turning to online bartering as a way to survive the recession.

For example, bartering on Craigslist has exploded, in terms of the number of bartering ads posted and the number off people searching for barter exchanges online.

See for yourself by typing /bar/ after craigslist.org in the URL. Like this: https://chicago.craigslist.org/bar/ (except your URL will start with your city).

A few of the online bartering websites that bring together individuals who want to trade goods or services with other individuals are:

 

Before You Barter…

One thing that many people do not realize about bartering is that it is taxable.

That’s right. If you are bartering for goods or services, the IRS expects you to claim the fair market value for the goods and services you receive in trade as income on your annual income tax form.

According to the IRS website, you can do this by filing form 1040 Schedule C. If, for some reason, you didn’t claim that income, you can correct it by filing form 1040X.

So if you’re going to be doing some online bartering, be sure to keep records and receipts of your transactions so you can report them properly!

I think we’re going to continue to see an increase in online bartering, as people make a conscious decision to be more frugal and we all start to pay closer attention to where our hard-earned money is going.

Who knows… bartering might become one of the main things that keeps our economy going by making it possible for people to get the goods and services they need without going broke!

 

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