Quick Overview of Cash Gifting
Now, I can truly understand that you may be a little skeptical about everything you read on the Internet
. As I am too after all, cash gifting is well-suited for that too-good-to-be-true category, wouldn't you think?At this point I'm going to ask you to simply keep an open mind and decide for yourself whether this information serves you well. The purpose of this article is to simply give you the facts so that you can make an informed decision. The information you will receive from me comes hype free and with only the verifiable truth.
What exactly is cash gifting?
Cash gifting is the act of privately or publicly giving another person or entity a declared sum of cash (strictly as a gift) and giving it freely and without coercion or consideration.
Gifting has been an acceptable form of wealth sharing for centuries, and is in fact approved by the IRS under Tax Code Title 26, Sections 2501-2504 and 2511. You're allowed to gift as many individuals as you like up to $12,000 each within a calendar year, and it is non taxable to the recipient. If your cash gift is to qualify under IRS regulations, it must be given with no strings attached and the recipient is not obliged to anything to compensate for the money received.
Is Cash Gifting Legal?
There is plenty of misinformation concerning modern cash gifting. In researching this activity, I learned that both American and Canadian citizens and other citizens around the world have the right to gift property, cash and other assets. It's perfectly legal to give someone a gift; it's perfectly legal to receive a gift as there is no law that prohibits one from doing so. This right is protected by the First Amendment to the US Constitution.
As I alluded to earlier, by reading the law you will find that an individual can give a gift to another individual of up to $12,000 per calendar year without any tax liability to either the giver or receiver of the gift, because the giver is using "after tax" cash to make the gift. In other words, the tax on that money has already been paid. I advise you to consult your CPA or Tax attorney for advice on how to treat cash generated from gifts in your specific tax location.
Is Cash Gifting a Ponzi Scheme?
A Ponzi scheme is a fraudulent investment operation that involves promising or paying abnormally high returns ("profits") to investors out of the money paid in by subsequent investors, rather than from net revenues generated by any real business.
Anyone who decides to join a cash gifting program, is not making an investment, but is merely gifting to someone freely. Consequently, there are no promises of "high returns" or guaranteed results, but rather an idea of the POTENTIAL that a program has.
A properly structured cash gifting program is not a pyramid. There is no one person at the top benefiting from others. Anyone starting today can easily generate more money than some other person who has been in program for more than a year.
There is no pyramid. It's strictly between YOU and the person who you invite to learn about your cash gifting activity and sharing club. If they like the concept, they may agree to give you a cash gift. It is Person to person, no pyramid anywhere. It doesn't involve network marketing, multi-level marketing (MLM), a business, or any commercial activity for that matter, because technically there is no business transactions, investments and/or securities involved in this private activity.
Conclusion
Individuals simply assist each other in a team concept and help change lives. It's no surprise that the giving and receiving of gifts can drastically change a person's life, and despite some common misconceptions about cash gifting, it still remains one of the most popular vehicles for creating financial prosperity in the world and a great way to make money on the internet.
Giving a gift of cash to a friend, family member, or a complete stranger is completely legal according to the IRS code. There is no specific nation-wide law that says cash gifting is illegal. So if you're looking for a fantastic way to make money online, then this is your opportunity!
Quick Overview of Cash Gifting
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