What makes cash gifting illegal in the U.S.?

Answer Cash gifts are not illegal in the United States. if the person does not expect to be compensated for giving money. However, cash gifting as an investment is a money-making scheme and is illegal und... Read More »

Top Q&A For: What makes cash gifting illegal in the U.S.

Is cash gifting taxable?

When you give cash to an individual without receiving something in return, it is a gift and therefore federally taxable. The Internal Revenue Service does, however, allow an annual exclusion. For t... Read More »

Is cash gifting legal in the U.S.?

Cash gifting is legal in the United States. There is no maximum to the amount of cash you can gift to another person. However, cash gifts over $13,000 are subject to taxation from the Internal Reve... Read More »

Does cash gifting really work?

On One Hand: Cash Gifting is a ScamTo qualify under IRS rules, when you give cash in order to avoid taxes on your estate, you can give up to $12,000 each year, but you must give the money without r... Read More »

Is gifting a gun in Maine illegal?

Maine does not have a law against gifting guns. No permits are required to purchase a rifle, shotgun or handgun, but it's illegal for anyone under 18 to be in possession of a handgun. Additionally,... Read More »