The Plan:
Local and Virtual Bartering – How It Works
Join the Community: Sign up and list your business, including the goods and services you offer and those you seek.
Discover Opportunities: Use our intuitive platform to browse and connect with potential barter partners both within the Triangle and across North Carolina.
Make a Trade: Propose a barter arrangement, negotiate terms, and finalize the exchange details through our secure messaging system.
Exchange and Grow: Meet locally for in-person exchanges or utilize our virtual bartering system for services that can be delivered remotely, enhancing your business's capabilities and connections.
Rules:
To ensure a fair, respectful, and productive bartering environment for all members, we adhere to the following rules:
Fair Value Exchanges: All barter agreements should aim for equitable value exchange, with terms clearly agreed upon by both parties.
Professional Conduct: Members are expected to maintain professional behavior and integrity throughout all interactions and transactions.
Timely Fulfillment: Agreed-upon goods and services should be delivered within the specified timeframe.
Dispute Resolution: In the event of a dispute, parties should first attempt to resolve the issue amicably. Triangle Trade Hub offers mediation services if needed. If someone breaks the rules, they will be removed from the group and the other party may take civil action.
Tax Information:
Bartering is a taxable transaction. According to the IRS, the fair market value of goods and services exchanged must be included in the income of both parties. Here are key points to remember:
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Report Barter Exchanges: Members must report the value of their barter transactions on Form 1040, Schedule C for businesses.
Fair Market Value: The IRS requires that barter transactions are reported at their fair market value. This is considered the price at which the goods or services would change hands between a willing buyer and a willing seller.
Record Keeping: Maintain detailed records of all barter transactions, including descriptions of goods and services, dates, and involved parties.
For more detailed tax information and how it applies to your specific situation, please consult with a tax professional.
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Join Triangle Trade Hub today and unlock the full potential of bartering for your business in North Carolina. Together, we can build a stronger, more connected, and economically vibrant community.