Is Cash Gifting Legal?
Cash Gifting is a new money making idea that is sweeping the Internet. Just as it sounds, Cash Gifting is a process where people send cash to you. Cash Gifting is becoming the hot new trend of 2008 and beyond.
The question is, what promoted the uplift in activity? Cash Gifting is an activity that is centered towards people sending and receiving cash gifts. You can send money to help someone in need as it does not matter who it is.
Now I’m sure you’re wondering, is this all legal or not? The simple answer is yes, if done correctly. There are a few simple guidelines that need to be adhered to in order to make this process entirely legal.
First, the proper documentation needs to be in place. The person sending the gift needs to sign a document stating that they are sending this gift of their own free will with no expectation of receiving anything in return. This document also states that the person sending the gift is not doing so as a “money making opportunity.” It has to be signed and dated to make it official.
The next thing, as stated above, is that this idea of gifting can in no way be presented to someone as a business building opportunity. It is Cash Gifting. People sending cash without any expectations or stipulations.
There are certain IRS tax codes and laws that allow for the gifting of cash from one person to another. If closely adhered to, these laws allow for cash gifts up to certain dollar amounts without having to be taxed. Which only makes sense, right? If you are receiving a cash gift from someone, you should not be penalized for it by having to pay taxes on the amount.
In conclusion, Cash Gifting is an entirely legal activity as long as these simple rules are adhered to.
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