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[Written on May 22, 2009]
Is Cash Gifting Illegal?
No. There are those who spout off their uneducated mouths about cash gifting because they don't want to see anyone succeed in life, much less see anyone being educated on how to achieve abundance in one's life.
Cash gifting is not illegal. Cash gifting is not a scam, not a pyramid scheme, not a ponzi scheme, not matrix scheme nor an MLM program [MLM short for multi level marketing]. Cash gifting is LEGAL according to the IRS. The documents that support this are IRS Tax Code, Title 26, Sections 2501-2504 and 2511, as well as Department of the Treasury Internal Revenue Service Publication 950 (which was last revised in September 2008). These documents simply state that in the United States of America, any one or more individuals can give a cash gift to another individual(s) of up to $12,000 each, per calendar year without any tax liability to either the giver or receiver of the gift. This is because the tax on the gift has already been paid. This can be verified simply by going to the irs.gov website.
You can also watch and listen to the conference call in the Youtube video below. This video was not made by me. I don't know who originally made the video. The message is more important than the messenger. This conference call was made for everyone's assurance: