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Are cash gifting programs legal?

Jul 14th 2010 at 11:43 PM

So, are cash gifting programs legal?
What do the authorities really say about cash gifting?

While it is true that the IRS allows gifting, BUT ONLY IF YOU EXPECT NOTHING IN RETURN FOR YOUR GIVING! Scammers always quote Title 26, Sections 2501-2504 and 2511 of the IRS code, as being proof that cash gifting is legal. What they don’t tell you is what these sections really say about “gifting.”

It is true that you can give $12,000 per person to as many individuals as you choose during the calendar year ($24,000 per married couple), and that these gifts are non-taxable. The IRS makes it quite clear, however, that to qualify under Title 26, your gifts must be given WITH ABSOLUTELY NO EXPECTATION OF RECEIVING ANYTHING IN RETURN.

Any cash gifting program that invokes Title 26 as proof of its legality is lying to you. Here is what the IRS says about Cash Gifting programs: “Some of these ‘gifting’ organizations claim the money is tax-free, but the IRS considers all income derived from them to be reportable income. If you were one of the individuals who got in early, and was able to receive money from the cash gifting scheme, if you do not report it to the IRS you are subject to tax evasion charges.”

The FTC, all 50 State Attorneys General, and the IRS all say cash gifting is illegal; but the people behind cash gifting schemes say they are legal. The question is: “Who do you want to believe?”

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1 comments
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Jul 14th 2010 at 11:49 PM by mlmmostwanted
It is 100% Legal according to some; but SEC does not fall in the "some" category. (They are ILLEGAL period in every country, not just the U.S.) Basically our government instead of helping people has become a big bully with the primary mission of keeping us broke and in slavery to the JOB. If you look at the last 60 years of economics in America we have become the proverbial frog put in the pot of cold water with the burner turned on to cook to a slow death without even being aware of it. Our rights have been eroded away, government is trying to disarm us (how many round clips can you buy today for a handgun or rifle), all in preparation for the new World Order coming down the pike. (And all of this pertains to gifting how? Nice for the conspiracy people in our society to believe, but has nothing to do with gifting) Gifting takes on different forms, and some of the newer versions are what is called the 2-Up format. It makes no difference what you call them they are still gifting and are illegal. Now you have seen the pitch, and while some may vary the pitch a little from our illustration, most will almost follow this word for word. But please don’t take our word for it that gifting is illegal. Here is what the FTC says about gifting: From the FTC Website: “What is a Pyramid Scheme and What is Legitimate Marketing? Pyramid schemes now come in so many forms that they may be difficult to recognize immediately. However, they all share one overriding characteristic. They promise consumers or investors large profits based primarily on recruiting others to join their program, not based on profits from any real investment or real sale of goods to the public. The Federal Trade Commission consumer warning "Gifting Club Gotcha", which includes the following quite important statement by the Feds: "Avoid being misled into thinking a gifting club is legitimate because the ads say that members consider their payments a gift and expect nothing in return. This is an attempt to make an illegal transaction look legal." Consider that a legitimate gift has no strings attached and is not an "investment." Avoid being misled into thinking a gifting club is legitimate because the ads say that members consider their payments a gift and expect nothing in return. This is an attempt to make an illegal transaction look legal. Be wary of success stories or testimonials of tremendous payoffs. Very few members of illegal gifting clubs or pyramid schemes ever receive any money. Take your time. Don’t buckle under to a high-pressure sales pitch that requires you to join immediately or risk losing out on the opportunity. Remember, solid opportunities – and solid friendships – aren’t formed through nerve-wracking tactics. Not only are such schemes illegal, but the Internal Revenue Service has a nasty surprise for anyone who thinks the payouts are tax-free. Despite the claims of legality from the clubs' organizers, and despite the dubious contracts members sign stating that the money they "donate" to the club is a gift for which they expect no return, the Internal Revenue Service considers that the participants do indeed expect a return. The profits are generated solely and completely by recruiting more people into the scheme. You can call it anything you want, the FTC will call it a pyramid scheme, period. Anytime you see FedEx or UPS being used exclusively, learn that the scam artists are doing this to avoid the U.S. Postal Inspectors putting handcuffs on them.” If you are still not sure, you can check it out on the FTC’s website: www.ftc.com or call ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
   

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