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Is Cas Gifting Activities Legal?

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ontrack2win

Junior Member
What is the name of your state (only U.S. law)? Hawaii


I read the satute on the IRS.gov website that states that you can send or receive a cash gift up to $13,000 from any individual in a calendar year without being subject to a Gift Tax. There are many 'Cash Gifting Activities' online. Can they be legitimate and under what circumstances? Is there anything else I need to be aware of concerning what the IRS statute says?
 


Perky

Senior Member
What is the name of your state (only U.S. law)? Hawaii


I read the satute on the IRS.gov website that states that you can send or receive a cash gift up to $13,000 from any individual in a calendar year without being subject to a Gift Tax. There are many 'Cash Gifting Activities' online. Can they be legitimate and under what circumstances? Is there anything else I need to be aware of concerning what the IRS statute says?
If you google "legality of cash gifting programs" you'll find a lot of information that should warn you away from them.

The IRS rules allow you to give away a certain amount of money without tax consequences. That doesn't mean that an activity is legal!
 

FlyingRon

Senior Member
These "activities" are scams. Gifting is where you give something away with no expectation of anything in return. If you're getting something for your gift, it's not a gift as far as the IRS is concerned.

These Gifting things are all variations on pyramid scheme.

You might want to read this site: http://www.cashgiftingwatchdog.com/
 
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