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: The U.S. Federal Government has no such thing as a gift tax on the recipient. Bill Gates can give you $1,000,000 and you would owe the IRS nothing! There is a gift tax on the giver, but not the recipient.The giver has to file a gift tax return (709) anytime they give someone more than $11,000. Simply having to file the return doesn't mean they owe tax. They would have to give away over $1,000,000 before they would owe tax.est Answer: The U.S. Federal Government has no such thing as a gift tax on the recipient. Bill Gates can give you $1,000,000 and you would owe the IRS nothing! There is a gift tax on the giver, but not the recipient.