Review of Cash Gifting and Overnight Cash Systems
In reviewing the phenomenon of cash gifting, the oldest I have found on the internet claims to have been around for 14 years.
The other older programs appear to have been operating for five to ten years.
The literature states that these methods have been used for many years by the wealthy to basically share income.
The principles legally apply to the IRS approved gifting codes.
"The rules do state that "For calendar year 2007, the first $12,000 of gifts to any person (other than gifts of future interests in property) is not included in the total amount of taxable gifts made during that year".
The official IRS.
gov website gives a lot of detail regarding tax free cash gifts to any one individual in any given calendar year, there appears to be no limit to the number of gifts any one individual can receive from different giftors in a calendar year.
All of the programs that looked at seem to comply with the rules of the IRS and several go through great lengths to clarify to visitors to their sites that the whole process is legal and not a scam.
Several programs approach the topic from a religious point of view and even quote the bible.
another say it is the only one set up by a lawyer, although that does not to be significant in the overall scheme because it appears legal anyway, All of the programs include a gifting statement that states the person giving the cash gives it freely without any product or service being exchanged or traded and has not been coerced.
The most compelling reason I can find for believing it is legitimate is that these programs have not been shut down by the IRS.
The other older programs appear to have been operating for five to ten years.
The literature states that these methods have been used for many years by the wealthy to basically share income.
The principles legally apply to the IRS approved gifting codes.
"The rules do state that "For calendar year 2007, the first $12,000 of gifts to any person (other than gifts of future interests in property) is not included in the total amount of taxable gifts made during that year".
The official IRS.
gov website gives a lot of detail regarding tax free cash gifts to any one individual in any given calendar year, there appears to be no limit to the number of gifts any one individual can receive from different giftors in a calendar year.
All of the programs that looked at seem to comply with the rules of the IRS and several go through great lengths to clarify to visitors to their sites that the whole process is legal and not a scam.
Several programs approach the topic from a religious point of view and even quote the bible.
another say it is the only one set up by a lawyer, although that does not to be significant in the overall scheme because it appears legal anyway, All of the programs include a gifting statement that states the person giving the cash gives it freely without any product or service being exchanged or traded and has not been coerced.
The most compelling reason I can find for believing it is legitimate is that these programs have not been shut down by the IRS.
Source...