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Cash Gifters????? is it legal?

Many People Needs Help???

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#1 TELEFRIEND4ME

TELEFRIEND4ME
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Posted 09 July 2012 - 06:06 AM

What's the deal with every where I go in DC I'm being offererd to take cash as a gift?


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#2 Bad Gifters

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Posted 11 September 2012 - 09:39 PM

No it is not.

#3 LAW

LAW
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Posted 12 September 2012 - 03:27 AM

Why are people giving you cash as gift? Are you providing them with services, creating a good, or you asking for donations?

What is considered a gift?

Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return.

http://www.irs.gov/p.../p950/ar01.html

No tax owed. Most gifts are not subject to the gift tax and most estates are not subject to the estate tax. For example, there is usually no tax if you make a gift to your spouse or to a charity or if your estate goes to your spouse or to a charity at your death. If you make a gift to someone else, the gift tax usually does not apply until the value of the gifts you give that person exceeds the annual exclusion for the year. See Annual exclusion under Gift Tax, below.

Filing Estate and Gift Tax Returns
Learn when to file estate and gift taxes, where to send your returns, and get contact information if you need help.


http://www.irs.gov/p...rs-pdf/f709.pdf

Annual exclusion. A separate annual exclusion applies to each person to whom you make a gift. The gift tax annual exclusion is subject to cost-of-living increases.


Gift Tax Annual Exclusion

1998 – 2001 $10,000
2002 – 2005 $11,000
2006 – 2008 $12,000
2009 – 2012 $13,000

Currently, you generally can give gifts valued up to $13,000 per person, to any number of people, and none of the gifts will be taxable.




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