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Are cash gifting programs legal?
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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