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.
Annual Gift Exclusion. In 2014, you may give someone up to $14,000 in gifts before paying any gift tax. The $14,000 annual gift exclusion is a limit on nontaxable gifts per person, and you may give multiple people up to $14,000 each without incurring any tax liability.However, the amounts of your annual gift exclusions are limited to a lifetime total of $5,3400 ($10,680,000 for married couples for Tax Year 2014.ift Taxes-What You Need to Know: If you give someone a gift or gifts of money or property and the value is over the annual gift exclusion amount, you will generally owe gift taxes. If you give a gift of property, taxes must be paid on the fair market value of the item (not the purchase price, nor the original value).