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.
Best Answer: For 2008, you generally can give a gift valued at up to $12,000 each, to any number of people, and none of the gifts will be taxable. (that is Per Person & Per Year) --------------------------------------... **Further details and examples: Below** If you are married, both you and your spouse can separately give gifts valued at up to $12,000 to the same person in 2008 without making a taxable gift. If one of you gives more than the $12,000 exclusion to a person in 2008.