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.
The National Retail Federation estimates that the average family will shell out roughly $462 on gifts for family members this year. Add to that the $132 that the typical person will spend on gifts for friends, co-workers, babysitters, and teachers, and youâre looking at a nearly $600 gift budget. But if you donât have that kind of disposable income, it can make following general gifting guidelines nearly impossible to follow.