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.
Posted November 17, 2008 6:16pm. Currently, for federal taxes, one person can give to another person up to $12,000 a year without paying gift tax and without having to file any tax return. One person can give to as many persons each up to the gift tax exempt amount as the giver wants (and can afford).