Since everyone wants to cash gift let me give you a legal option!
Cash gifting as a means of earning income is illegal and a pyramid scheme period. There is no viable product and you are NOT giving a gift. You expect to get money back for what you put up. You are basically expecting to get money from any sap or sucker that is just as naive, uninformed or greedy as you are. And when these things fall apart you could very well get something you weren't bargaining for, like jail time and fines.
So since you are so hot to cash gift. let me give you a couple of legal alternatives.
You can Cash gift to me I'm telling you right now that you will not get one thin dime back. Your cash is a gift to me which means I get to do what I want with it.. I'm not going to set up any type of structure for others to give you gifts in return for the gift you've given me since that would be illegal. Nope Just Send me the money and I will spend it and since it is a gift I don't owe you anything and neither does anyone else, you gave it to me. The Keyword is gave, not loaned, not invested, but gave!
You second legal alternative, any of the wonderful registered charities out there. Give the money to The SPCA, The Firefighters Fund, UNICEF etc. Again you gave the money to them so don't expect anything in return except a tax deduction for making a charitable contribution. A bit more than you will get from me because I'm not giving you a thing in return!
There is no such thing as cash gifting as a means to make money, You are not giving anything, you are investing in a pyramid scheme!
So since you are so hot to cash gift. let me give you a couple of legal alternatives.
You can Cash gift to me I'm telling you right now that you will not get one thin dime back. Your cash is a gift to me which means I get to do what I want with it.. I'm not going to set up any type of structure for others to give you gifts in return for the gift you've given me since that would be illegal. Nope Just Send me the money and I will spend it and since it is a gift I don't owe you anything and neither does anyone else, you gave it to me. The Keyword is gave, not loaned, not invested, but gave!
You second legal alternative, any of the wonderful registered charities out there. Give the money to The SPCA, The Firefighters Fund, UNICEF etc. Again you gave the money to them so don't expect anything in return except a tax deduction for making a charitable contribution. A bit more than you will get from me because I'm not giving you a thing in return!
There is no such thing as cash gifting as a means to make money, You are not giving anything, you are investing in a pyramid scheme!
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Comments (10)
Cheryl Baumgartner12
Medical Billing/Coding/Insurance
Many people get caught up in this because those running this scam refer them to the Tax code which says that "gifts" under a certain monetary value are not taxable. What they don't consider is that a gift is defined as:
"Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) IS NOT received in return."
In other words it is given without any expectation of return or gain. The only exception to gain or return is the tax
Pete Balasch Jr.14
Internet Marketer Pod caster
Great Post I have folks calling me to get in them things for years. Great Post
Cheryl Baumgartner12
Medical Billing/Coding/Insurance
Actually Cindy, The Federal Trade Commission clearly states that cash gifting is illegal.
http://www.ftc.gov/bcp/edu/pubs/consumer/alerts/alt056.shtm
Cindy Bolley16
HHCTB?
I didn't say I was for it.
I only said it falls between the cracks.
And I do think it is legal.
There was one just a few months ago.
2010 Blessings I think it was. A new cash
gifting program. I would get at least 10 invites
in my inbox EVERYDAY about that.
Well I have not seen one in a long time.
I am thinking that they didn't have their
I's dotted and their T's cross correctly because
I sure do not see them around anymore.
Cindy
Cheryl Baumgartner12
Medical Billing/Coding/Insurance
Hey Cindy, the problem with cash gifting is that it is the classic pyramid scheme. It is not gifting it is paying money into something with the expectation of making a profit from those who come in under you. There is no product to generate income so it collapses.
For those who claim that the wording on the Tax Code makes it legal, the Tax code does not decide what is legal(not a criminal activity). Money made illegally is taxable income but if that made it legal then I could set up a bus
Cindy Bolley16
HHCTB?
Cash gifting somehow falls under the radar and is in my opinion legal. I have never gotten involved with it.
Just never made much sense to me.
Your right... lots of places could use a "cash gift"
and expect nothing in return.
Cindy
Sidegiggs online6
Online Sidegiggs
finally, someone has sounded off about this. i always knew that cash gifting was illegal. people are even promoting these schemes on youtube. lol. the IRS will certainly know where to go.
Jen Casey3
She sure did, very interesting.
Free communications business opportunity, free website as well: You will thank me for this business.
http://www.urlzoom.org/213
Cheryl Baumgartner12
Medical Billing/Coding/Insurance
It's good to see you pop up again! Always trying to help people see light when I can!
Joseph Botelho15
Working on one project at a time.
Hi,
Longtime my friend you always same to found interesting subjects................you have made some good points on your report..............nice work as always
Hope your enjoying your holidays...............:)