Cash Gifting:Is It a Legal Activity?

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By GeneLing


CashGifting:Is it a legal activity?

Cash gifting is an activity within a community that fellow members would have a good heart to "give" and "receive" property or cash. The aim is to help the others who are in financial need. The principle underlying such activity is that some members, with their wealth in really good shape or in excess, would like to help the others in bad or critical financial situations.

Cash gifting has actually in the communities for thousands of years. It is simply the Universal Law of Sowing and Reaping - "give and you shall receive".

Is cash gifting legal? This is the most prominent question that will be raised by anyone for their first time in approaching this idea. Actually, IRS would allow an individual to gift less than USD12,000.00 to the same individual within one calendar year.

For instance, have you ever received a gift for your birthday, graduation or wedding where you have received cash? If your answer is YES, then you have already been involved with cash gifting. In fact you can look up gifting rules according to the IRS right in the IRS TAX CODE, Title 26, Sections 2501-2504 and 2511 which states there are no laws against receiving or giving cash gifts.

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