Thursday, April 03, 2008
Invitation to Private Cash Gifting
Private cash gifting is exactly that: private. There are no companies, boards of directors, shareholders or principals. It is simply a matter of individuals helping other individuals. The underlying concept is that by people helping other people in an organized fashion, lives can be enhanced.American and Canadian citizens have the constitutional right to give their property, cash and other assets to others. In the United States, gifting rules are defined in the IRS tax code, Title 26, Sections 2501, 2502 and 2511. Look it up yourself if you have any doubts; it 's 100% legal.In general, these tax codes state that one individual can give to another individual up to a maximum of $11,000 per year without incurring any tax liability. The tax has already been paid by the giver because it is their personal asset. Gifts received are also not able to be taxed. The receiver of the gift incurs no taxation liability.Cross cultural laws of reciprocity agree that to give is to receive.
Posted by Joy at 5:30 PM