***It is NOT illegal!!
Copied from the IRS form 950.
~~~No Return needed.
Gift tax returns are filed annually. However, you generally do not need to file a gift tax return unless you give someone, other than your spouse, money or property worth more than the annual exclusion.
($13,000 for 2009) for that year or a gift not subject to the annual exclusion.
Copied from the IRS form 950
No Tax payable by the person receiving your gift or bequest.
Generally, the person who receives your gift or your bequest will not have to pay any federal gift tax or estate tax because of it.. Also that person will not have to pay income tax on the value of the gift or inheritance received.
Gift tax Annual Exclusion-- For 2009- The annual exclusion for gifts or present interests made to the donee during the calendar year has increased to $13,000)
A COMPANY OF CARING PEOPLE HELPING EACH OTHER.
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