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.
Under IRS regulations, a parent or anyone else can give you a gift of up to $13,000 per year, tax-free. If it's from both of your parents, they can give you up to $26,000. And if they have the means and are willing to include your spouse in their largesse, that rises to $52,000.