subject: Making Money Out Of Nothing At All [print this page] The world of cash gifting is one that has some people praising it as much as the gospels, and others cursing it as much as the devil himself. The concept in pure form is righteous, unselfish, and beautiful. The dark side of it can be ultimate greed, deception, and sloth. While the decision is always one left in a murky state of uncertainty, even for the IRS, you must look at it from the core of it to take it for what it is.
While others will talk about tax codes, laws, profits and losses, and all the technical aspects of cash gifting, I am merely going to hit on some basic human facts about it. After that you can decide what you believe and go find the hard informational stuff about it.
Cash gifting in reality is legal, and in good moral standing with most of us. Your son graduates high school and you give him cash. No obligations, no coercion. This is what is all about. Do you want the government to declare your kid has to show that money on his tax return? No. That is insane, right? Most of us agree that this form of gifting is real, pure, and not worthy of calling it wages or investment money.
Now, lets look at the systems out there regarding cash gifting. You pay a membership fee, a monthly fee, and sit on your but and wait. What are you waiting for? A gift. You haven't graduated, it isn't your birthday, but you are expecting a gift soon from someone you do not know. Sure, I suppose it could happen, but you are promised that it will happen by someone running a website. Then if you are lucky it does come. A cash gift of some kind has been deposited in your account. Is this the same as the kid who got graduation money from his parents? You decide.
Money being generated in the form of cash gifting is odd to say the least. No products, no services, just sloth and money everywhere. Good or bad, the debate is over legitimacy and legality. I'm not sure I want real gifts being lumped into becoming a criminal act, nor pure laziness being a crime either. There is a fine line between moral or ethical and legal, and it is up to the individual to determine which way they want to see it.
by: John Schnieder
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