Examples of el cheapo in a sentence. took an el cheapo vacation, staying at a friend's cabin the whole time.
Exclusions. The entire $50,000 you give isn't vulnerable to taxation. The IRS allows exclusions, a dollar limit you can give away tax-free. As of the 2012 tax year, the exclusion amount is $13,000 for each person you make a gift to. If you're married, you can double that: you and your spouse are each entitled to give away $13,000 per person.
Taxes on any gift are usually paid by the giver, not by the receiver. Any gift an employer gives out, therefore, is only taxable for the employer. Individuals can gift each other with a fairly large amount of money without paying taxes on it; however, employers are only allowed to give non-taxable gifts of up to $25.