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 there are two parents, they can jointly give $28,000 before a gift tax return is required. And if the adult child is married you can each give 14,000 to each spouse so that would be a total of 56,000. Actually gifts Received are not taxed so the child can GET any amount.