The number one underlying question that comes to mind when people begin seeing the lucrative potential with Cash Gifting is, Is Cash Gifting Legal? When you research online, you're going to find that there is really nothing saying that Cash Gifting is illegal. You may find some people expressing their own opinions, not facts.
What you will find is that both American and Canadian citizens have the Constitutional right to gift property, cash and other assets. Many other countries participating in Cash Gifting also have very similar gifting laws.
In the United States the gifting rules are found in the Department of the Treasury Internal Revenue Service Publication 950 - Introduction to Estate and Gift Taxes, and, IRS Tax Code, Title 26, Sections 2501-2504 and 2511.
In 2008, in the United States of America, the law states that one or more individuals can give a cash gift to another individual of up to $12,000 each, per calendar year without any tax liability to either the giver or receiver of the gift, because the tax on the gift has already been paid. The annual exclusion for 2008 is $12,000.
So for example, in 2008, you gave your niece a cash gift of $7,500. It is your only gift to her in 2008. The gift is not a taxable gift because it is not more than the $12,000 annual exclusion.
To view a picture diagram of how this works, go to:
http://hubpages.com/hub/Cash-Gifting-to-Tax-Free-Wealth
Wednesday, February 18, 2009
What is Cash Gifting
Cash Gifting opportunities are programs or systems where people help people. They are based on the premise of giving and receiving. Most of the systems or programs are modeled after the 1 Up system. But most recently there are systems or programs modeled after the No 1 Up system.
In this report we are going to explain both of these Cash Gifting systems or programs and show you the big difference between them, and, why one system is more beneficial or better then the other.
Both the 1 Up and No 1 Up Cash Gifting systems operate in a similar fashion. For purposes of making an apples to apples comparison, we are going to compare opting into either system at the same cash gifting level of $3,500. The $3,500 cash gifting level is usually comprised of a 1st level of $500 plus a 2nd level of $1,000 plus a 3rd level of $2,000 added together to equal $3,500.
Some programs or systems stop at this level as the top level, while others provide higher levels.
The big difference is that with the 1 Up system, you gift to the person that invited you via a one on one invitation. Then you must also give up your first invited gifter, whom you invited via a one on one invitation, to the person that invited you, or, passing up their gift up 1 tier level as a qualifier for you to quality for the program. This is not a truly give and receive opportunity based on the Universal Law of giving and receiving. This is give and give again before you can receive.
Whereas, with the No 1 Up system you give by gifting to the person that invited you via a one on one invitation, and then you are immediately in a position to receive. No qualifier scenario like the 1 Up system.
You can get a better idea by looking at a picture diagram if both of these explanations by going here:
http://hubpages.com/hub/Cash-Gifting-1-Up-versus-No-1-Up-Programs
In this report we are going to explain both of these Cash Gifting systems or programs and show you the big difference between them, and, why one system is more beneficial or better then the other.
Both the 1 Up and No 1 Up Cash Gifting systems operate in a similar fashion. For purposes of making an apples to apples comparison, we are going to compare opting into either system at the same cash gifting level of $3,500. The $3,500 cash gifting level is usually comprised of a 1st level of $500 plus a 2nd level of $1,000 plus a 3rd level of $2,000 added together to equal $3,500.
Some programs or systems stop at this level as the top level, while others provide higher levels.
The big difference is that with the 1 Up system, you gift to the person that invited you via a one on one invitation. Then you must also give up your first invited gifter, whom you invited via a one on one invitation, to the person that invited you, or, passing up their gift up 1 tier level as a qualifier for you to quality for the program. This is not a truly give and receive opportunity based on the Universal Law of giving and receiving. This is give and give again before you can receive.
Whereas, with the No 1 Up system you give by gifting to the person that invited you via a one on one invitation, and then you are immediately in a position to receive. No qualifier scenario like the 1 Up system.
You can get a better idea by looking at a picture diagram if both of these explanations by going here:
http://hubpages.com/hub/Cash-Gifting-1-Up-versus-No-1-Up-Programs
Welcome to W.G. Beard's Web Blog
This web blog will be dedicated to the education of Cash Gifting opportunities. It will provide helpful information to people world-wide that are interested in Cash Gifting, but maybe don't understand how Cash Gifting works.
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