swap Credits
How swap Credits work
swap Credits let members exchange with each other even when two people don't need something from each other at the same time.
How you earn them
When you give a service, item or skill to another member and the exchange is complete, you earn the swap Credits you both agreed on.
How you spend them
Use swap Credits on offers from other members. You can choose Direct exchange, swap Credits or Pay It Forward. Cash or hybrid is planned.
Pending credits
When both members accept an exchange that includes swap Credits, the credits are set aside. The member giving them sees “pending out” and the member receiving them sees “pending in”. The credits move when both members confirm the exchange is complete. If an exchange is cancelled, they go back.
Your wallet
Your wallet shows your balance, anything pending, and every exchange. You can download a yearly statement any time.
Can I buy or cash out swap Credits?
No. swap Credits are only for exchanges between members on swapup.
Exchanges and taxes
The IRS treats goods and services you receive through an exchange as income, even when no cash changes hands. The amount is the fair market value of what you received, in the year you received it. That's why every exchange on swapup records a dollar value both members agree on.
Organized exchange networks like swapup are required to report members' exchanges to the IRS on Form 1099-B. Each year, swapup will send you a Form 1099-B that shows the value of your exchanges, and we'll ask for your taxpayer information (Form W-9) before your exchanges need to be reported.
Your yearly statement in your wallet lists every exchange with its date, description and agreed value, so you have what you need at tax time.
Business exchanges are usually reported on Schedule C. Personal exchanges are usually reported as other income on Schedule 1.
This is general information, not tax advice. Talk with a tax professional about your own situation. Learn more from the IRS: Topic No. 420(opens in a new tab)