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.
You can make five years of contributions to a 529 plan at one time without triggering a gift tax. So if you and your spouse have two grandchildren, both of you can gift $14,000 to each child for a total amount in tax-free gifts of $56,000. And remember, these are tax-free gifts above and beyond the $5.43 million exemption limit. 2. Medical, dental and tuition expenses can be excluded from that cap.