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.
Conceptually, the annual exclusion gift is rather straightforward: Anyone can give anyone â relatives, friends, and even strangers â annual gifts of up to $14,000 a year without the recipients having to pay taxes. The gift limit was raised to $14,000 this year from last yearâs $13,000.