Is, "Cash Gifting", legal/illegal?

Is Cash Gifting Legal?

• Hi! I'm looking into cash gifting and I can't really figure out whether it's legal or not. Does anyone know for sure if it's safe to do?

• Answer:

  Cash Gifting IS Legal. I suggest you call IRS 800-829-1040 and ask them. You see, the concept has been around for hundreds of years. Churches, civic groups and people from around the world have participated in organized gifting for over 300 years. Private gifting is based upon the fact that American citizens as well as some other countries, have the Constitutional right to gift property, cash and other assets to whom ever they wish. The U.S. gifting rules are found in the IRS Tax Code, Title 26, Sections 2501-2504 and 2511. The code states that one or more individuals can give a gift to another individual of up to $12,000 each per calendar year without any tax liability to either the giver or the receiver of the gift, because the tax on the gift has already been paid. These gifts are not included in the gross income of the recipient. In other words, you do not have to include these cash gifts on your tax return. I was really weary about gifting at first - frankly, it seemed too good to be true. But, now that I gave it a shot, it has REALLY paid off for me. Not that it's really easy. You have to educate yourself on how to promote your page, which web-sites to use, how to write blogs and articles etc. I could give you a few free e-books that helped me a lot.