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In reviewing the phenomenon of "overnight cash gifting" systems, the oldest [Brother John Hostick] found on the internet claims to have been around for 14 years. The other older programs appear to have been operating for five to ten years.
"Brother John Hostick" can literature state now that [overnight cash gifting] systems have been used for many years by the wealthy to basically share income.
[Brother John Hostick] discovered in this review that, "overnight cash gifting" systems principles legally apply to the IRS approved gifting codes. "The rules do state that "For calendar year 2007, the first $12,000 of gifts to any person (other than gifts of future interests in property) is not included in the total amount of taxable gifts made during that year". The official IRS.gov website gives a lot of detail regarding tax free cash gifts to any one individual in any given calendar year, there appears to be no limit to the number of gifts any one individual can receive from different gifters in a calendar year.
"Brother John Hostick" also notice that all of the [overnight cash gifting systems that he looked at seem to comply with the rules of the IRS and several go through great lengths to clarify to the visitors of their sites that the whole process is legal and not a scam. Several programs approach the topic from a religious point of view and even quote the bible. another say it is the only one set up by a lawyer, although that does not to be significant in the overall scheme because it appears legal anyway,
[Brother John Hostick] will close by saying all of the "overnight cash gifting" systems include a gifting statement that states the person giving the cash gives it freely without any product or service being exchanged or traded and has not been coerced.
The most compelling reason "Brother John Hostick" can find for believing [overnight cash gifting] systems are legitimate is that these programs have not been shut down by the IRS.
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