| The Whole Truth About Cash Gifting And Its Legality |
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| Written by Webmaster | |
| Sunday, 14 December 2008 | |
By Bill Morin There is a substantial amount of information on the Internet about cash gifting. You can find plenty of videos about the benefits of cash gifting on video sharing websites. The blogosphere is full of contradictory information about cash gifting. Some say that it is an illegal scheme and should be banned; while others proclaim it as a once-in-a-lifetime opportunity to become a millionaire in a matter of days.
Also, some people portray it as the newest avatar of the money chain scheme, just like Ponzi schemes and multi-level marketing schemes where a few people gain something, while a large majority of people lose money. This argument is countered by many other people who claim that cash gifting is a unique home-based business opportunity. The truth about this concept is buried somewhere in the cyber world amidst all the allegations and counter allegations. For a better idea about cash gifting, let us take each point mentioned above. Is cash gifting an illegal scheme? The answer is an emphatic NO. In the United States, the Internal Revenue Service (IRS) guidelines have provided an option for money transactions through cash gifting. One can provide an annual amount up to $12000 to another person as a cash gift. This amount will not be taxable. For more details about this, one can refer to IRS Publication 950 and Tax Code Title 29. The next question is whether this opportunity will provide a chance to become an overnight millionaire. Again the answer is no. You have to work on marketing the opportunity. You have to enroll other people into the opportunity to receive money. Is it an illegal scheme? Again no. Ponzi schemes and money chain networks have been declared illegal by law. Since cash gifting is an approved procedure by IRS, there is little chance of legal troubles. Is it a home-based business opportunity? For a change, yes, it is. You don't have to hire or buy expensive office infrastructure and all. You can conduct the business entirely through the internet, publications or mail. The best part about it is that there is no selling, no chasing family members, no products, no collections, no boss and no commute. In short, cash gifting is just like any other business opportunity. You have to make an initial small investment. Then if you work at it and get results, you can build a steady source of income for life. If you work hard enough, you can and will become a millionaire. The secret is to join a cash gifting program that offers all of the tools, resources and mentorship needed to succeed. Want To Join An Award Winning Cash Gifting Program That Provides Every Tool And Resource Needed For Success? Bill Morin reveals exactly how to do it at: www.AbundantLivingWealth.com Tag it:                  |
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| Last Updated ( Sunday, 14 December 2008 ) |
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