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.
Gift taxes for 2014 In good news for you -- and possibly for those who receive your gifts -- the gift tax exclusion has risen in recent years. For 2013 and 2014, you can give up to $14,000 per person before you are required to file a gift tax return.You may be able to give more than $14,000 to someone without having to file a gift tax return. You can pay someone's medical expenses or tuition directly without counting the amount you pay as a gift.he amount that your gift exceeds the annual limit is applied to your lifetime gift tax exemption. The exclusion amount in 2014 is $5,340,000. If you're the recipient of a generous gift, you have even less reason to worry.