I posted a video regarding 2010 Blessings. Now, I know there are alot of "Nay-Sayers" about gifting out there, but facts are facts. My video was taken down because someone didn't like my opinion of a community I belong to...2010 Blessings. A gifting community.
I personally went to the www.irs.gov site and it's true...2010 Blessings IS in he good. It is NOT illegal to gift in a single year, tax free up to $13,000, or to recieve a tax gift up to $13,000 in a calender year. See Below: Copy and pasted from IRS.Gov
Currently, you generally can give gifts valued up to $13,000 per person, to any number of people, and none of the gifts will be taxable.
However, gifts of future interests cannot be excluded under the annual exclusion. A gift of a future interest is a gift that is limited so that its use, possession, or enjoyment will begin at some point in the future.
If you are married, both you and your spouse can separately give gifts valued up to $13,000 to the same person without making a taxable gift. If one of you gives more than the $13,000 exclusion, see Gift Splitting, later.
Example 1. You give your niece a cash gift of $8,000. It is your only gift to her this year. The gift is not a taxable gift because it is not more than the $13,000 annual exclusion.
Example 2. You pay the $15,000 college tuition of your friend directly to his college. Because the payment qualifies for the educational exclusion, the gift is not a taxable gift.
Example 3. You give $25,000 to your 25-year-old daughter. The first $13,000 of your gift is not subject to the gift tax because of the annual exclusion. The remaining $12,000 is a taxable gift. As explained later under Applying the Unified Credit to Gift Tax, you may not have to pay the gift tax on the remaining $12,000. However, you do have to file a gift tax return.
I didn't write this...the IRS did...so why was I penalized and my site taken down because some "people" didn't like what I had to say about 2010 Blessings? (Which was upbeat, spirited, and overall a positive statement. No hate comments at all.)