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The University of Illinois has a nice list of tips for successful bartering when it involves services rendered. By successful, we mean "bartering that doesn't end up on Judge Judy or with someone feeling cheated." We discovered the list by way of an AP article today discussing how
bartering is making a comeback in troubled economic times.
It's something I haven't thought about much, but we're doing some furniture decluttering and noting how little some things we need to get rid of are "worth." We're do enough Goodwill donations each year that we've started collecting receipts, but for some of our current larger items it might be nice to swap them with folks who need them and can offer us something we're in need of in exchange.
From the University of Illinois Extension:
General tips
- Know who will supply needed materials. Usually it is the receiver; but the provider, in some cases, may have the needed tools, such as a lawn mower. When materials must be purchased, work together to determine specifics, cost limits, quality of materials, deadlines and other details that could become irritants.
- Don't assume anything. Be sure to agree on the details of exactly what will be done. Be sure expectations are clear to all. In some cases a contract or written agreement may be a good idea.
When you provide a service
- Be sure you are clear on details of expected service. Don't take on tasks that you cannot do well.
- Keep the receiver well informed on your progress. Inform the receiver of any problems or delays.
- Decide when the service is to be provided. If needed by a certain date, be sure you have enough time to do it.
- If you receive income from bartering, you may be required to pay taxes on this income. Refer to IRS Publication 525, Taxable and Nontaxable Income, for more information.
If you receive a service
- Carefully explain what you want and supervise the work. Don't be caught with a completed job that is not what you expected.
- Check the provider's qualifications.
- Make sure the delivery of service is convenient and within the time you want the work done.
- If the task requires your presence or help, make sure you are aware of this.
Have you bartered services or stuff you don't need? How did it go?