As a result, the entire history of the car is documented. For the next twelve years, the âBird sat. Joe partially disassembled the car to determine what it was going to need. the list became so long that parts were acquired as opportunity and funds allowed. Fortunately, most of the special Superbird parts could be reused.
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.