Is cash gifting legal?

Question

Is cash gifting legal?

Answer 1

The "Cash Gifting" programs that are supposed to make you rich are just pyramid schemes and are illegal.

Answer 2

Is cash gifting legal?

This is a common question when people have when they are doing their “due diligence” before becoming a member of a cash gifting club, cash gifting group, or cash gifting association because receiving cash gifts from anonymous individuals seem too good to be true.

To answer the question—Is cash gifting legal? The answer is: yes.

Cash gifting is legal in the United States as well as many other countries. We know this because cash gifting is in the United States Internal Revenue Service (IRS) tax code and is a legal right. Cash gifting IRS falls in the category of “Estate and Gifts” and the income tax rules of associated with what the value of the gift was at the time it was given. Cash gifting exists within the IRS tax rules regarding an individual’s “Annual Exclusion” limits for gifts and is why cash gifting is legal.

IRS Gift Definition:

A gift is a gratuitous transfer of value. Something is given, and nothing is received in return.

Cash gifting is just that—a cash gift. Other things that people gift are assets, real estate, stocks, etc. When anything is gifted it has a fair market value on the date it was given. The gift tax applies to the transfer by gift of any property. If the value of the gift(s) exceeds an individual’s “Annual Exclusion” for a calendar year, then the value over that amount is taxable for that year.

Here are some links to a site that provides answers to many questions people have regarding the activity of cash gifting without the requirement of entering your email address to get in:

Is Cash Gifting Legal?

http://www.cashgiftingcashgifting.com/ca...

What is Cash Gifting?

http://www.cashgiftingcashgifting.com/ca...

Cash Gifting IRS Guidelines

http://www.cashgiftingcashgifting.com/ca...

Cash gifting is legal and it is important to remember that if you join a cash gifting program, then be sure to report all the cash gifts you receive when you file taxes.

Yes, each cash gift under $12,000 is tax free income and you will not have to pay taxes the gifts received. But, not reporting the income on your annual taxes is tax evasion. List all income, including non-taxable cash gifts, and follow the laws in your respective country. Cash gifting is legal.

Answer 3

It's a term used in "private giving" clubs.  Just another variation of the Ponzi scheme.  

No, it's not legal, although the websites try to convince you it is.

MORE:

With a legitimate gift, the giver has no expectation of receiving anything in return.  With a gifting club, despite their pretenses to the contrary, the givers expect to receive much more money than they give.

Participate in such a scheme, and you can expect to be arrested for securities fraud.

http://cjonline.com/stories/082998/com_p...

Answer 4

Of course it is.  If you are in the US and give any one individual over $12,000 in one calendar year, you'll have to file a gift tax report though, although you probably won't owe a gift tax.

But with a question like that, sounds like there's something behind it, more to the story.....

Answer 5

yes

Is "Gifting" Legal?

... movement rolling across the country – its called "Cash Gifting" or "Gifting" ... looking for information on "Gifting" and wondering if this activity is "legal" ...

www.isgiftinglegal.com - Cached