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.
If you are interested in giving large gifts to family members or friends, it is important to know how much you can give without incurring a tax penalty. In 2017, the limit one person can give another person, also called the annual gift exclusion, is $14,000. If you want to give money to a child or grandchild and you are married, each spouse can give a gift of $14,000 for a total of $28,000.