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.
Gift taxes should not be a problem. Taxable gifts are those to one recipient in excess of $12,000 per year. (Gift recipients never pay taxes on gifts). If you are married and have at least one child, each of your parents could gift each of the three of you $12,000 a year, or $72,000 in all, without it being taxable.If you are married but have no children, your parents can give you and your wife only $48,000 in non-taxable gifts in any one year.ift taxes should not be a problem. Taxable gifts are those to one recipient in excess of $12,000 per year. (Gift recipients never pay taxes on gifts). If you are married and have at least one child, each of your parents could gift each of the three of you $12,000 a year, or $72,000 in all, without it being taxable.