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.
2 people found this helpful. The gift limit that you can give to an individual is $14,000 without having to file a Gift Tax return, Form 709. However, there would not be a gift tax imposed if your total aggregate gifts are not over $5.34 Million in tax year 2014.