A Gift received is NOT taxable.

[dyne]

I stumbled across in irs.gov which seemed to say that generally a gift IS taxable.
This is WRONG! A gift received is NOT taxable. It must be a true gift of course.

[powerage]

agree

A gift is not taxable. Generally. But who knows anymore.

That said, are the gifting pyramid schemes taxable income? I think so, though there can be a gray area. If you spend money to get a gift of money, then that makes it a business, correct?

I see all kinds of stuff surfing traffic exchanges.

[dtlee]

I stumbled across in irs.gov which seemed to say that generally a gift IS taxable.
This is WRONG! A gift received is NOT taxable. It must be a true gift of course.

Can you share with us where this IRS statement was?

[taxea]

Found this interesting

Review on ALS

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http://topcashgiftingprograms.com/abundantlivingsystem

[dyne]

dtlee: The website is:irs.gov/publications/p950/ar02.html/#en_US_publink100099453
or IRS Pub 950 wherein it says "The general rule is that a gift is a taxable gift..."
Perhaps it is explained further but I believe this wording is wrong. We all know
that a geniune gift is NOT taxable income.

[Snaggletooth]

Gift IS Taxable

The way wording is presented, a gift IS taxable, but it is not taxable INCOME. It is taxable to the donor.

The gist of making a statement that a gift is GENERALLY taxable, is to first make sure all gifts are included, before listing exceptions.

[dyne]

Apparently IRS meant that a gift is NOT deductible by the donor, but they worded it
badly. I agree. We sure do not to have IRS wording comments incorrectly.
Thanks Snaggletooth!