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 Limits. Regardless of your child's age, certain rules apply across the board if you want to give money tax-free. As of January 2015, you can give up to $14,000 individually or $28,000 as a married couple to your child annually without paying taxes. However, you must still file Form 709 for amounts above these levels.