Are TimeCredits taxable?

No. TimeBank hours have been ruled tax exempt on two occasions by the IRS because an hour is always valued at one hour. There is no legal responsibility on anyone’s part to redeem a TimeCredit, it is considered a “non-commercial…

What about liability?

Being in a TimeBank is no different than helping your neighbor.  Every member in the TimeBank assumes all responsibility for their exchanges just as you would treat a friend or a neighbor.  Although homeowners insurance protects members, some TimeBanks have volunteer liability insurance…

Do I have to record my hours?

Because 1st TBC is new, it is imperative that you record ALL of your TimeCredits and exchanges. And don’t skimp yourself! In order for our TimeBank to succeed, we need the data to show that we are doing it!