The Hottest trend Online-Cash Gifting

According to the IRS Tax Code Title 29 Publication 950

(Reference: http://www.irs.gov/pub/irs-pdf/p950.pdf?sourse=ttcom4home1. )

Cash Gifting is the Hottest Trend online! And it is growing like crazy by the hour. But is it legal? Well Let's see what our "Beloved" IRS has to say regarding Cash Gifting.

Gift Tax; Publication 950 (September 2008)
The general rule is that any gift is a taxable gift.
However, there are many exceptions to this rule.
Generally, the following gifts are not taxable gifts:
*Gifts, excluding gifts of future interests, that are not
more than the annual exclusion for the calendar
year,

*Tuition or medical expenses you pay directly to a
medical or educational institution for someone,
*Gifts to your spouse,
*Gifts to a political organization for its use, and
*Gifts to charities.
Now here's where it gets interesting...
Annual exclusions

Gift Tax Annual Exclusion

1998 - 2001 . . . . . . . . $10,000
2002 - 2005 . . . . . . . . $11,000
2006 - 2008 . . . . . . . . $12,000
(For 2008, you generally can give a gift valued at up to
$12,000 each, to any number of people, and none of the
gifts will be taxable).

So...IS IT LEGAL??? Our US Government/ IRS.GOV says it is! Enough said.

The bottom line is this, incase you didn't know; Gurus, Bureaucrats, and lots or internet marketers ARE HATING CASH GIFTERS GUTS!!! And this is the very reason why the legality issue has surfaced. Why are they Hating? (you may ask) They are hating because (MOST) cash gifters are raking in (THOUSANDS OF DOLLARS) DAILY!

No that was not a misprint, nor a Typo. Daily is Correct. Gifters are making that and the HATERS are not. Well you know how the old saying goes...."If you can't beat 'em, JOIN 'EM!