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.
Generally, the following gifts are not taxable gifts. 1. Gifts that are not more than the annual exclusion for the calendar year. For tax year 2009 or 2010 one family member can gift to any other number of family members up to $13,000 each without any reporting by either party each year.