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 Limit. For citizens of average means, the most important portion of the tax code allows taxpayers to give away up to $13,000 (adjusted for inflation) annually, tax-free, to as many people as the giver wants. For a married couple the limit is $26,000. These gifts are not part of the $5 million lifetime limit.I can give $130,000 per year -- and my wife can, too -- and we have not even begun to eat into the $5 million limit.â. Theoretically, there is no limit to the amount you can give away under this part of tax law as long as it is limited each year to $13,000 (or twice that from a couple) per person, he said.