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.
If this is money already sitting in a bank account (after tax money as opposed to pre tax money sitting in an IRA), then you can give up to $12,000 to each child before you have to file a gift tax form. The person receiving the gift does not pay tax on it.ou have to take the money out, pay the tax, and then gift the money under the gifting rules, which let you give anyone you want to $12,000 per year. If the non taxed money is in an annuity or US savings bonds, the same applies. Sharon T Â· 8 years ago. Thumbs up.