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.
Annual Gift Tax exclusions is $14,000 per recipient. So your father can gift $14k each to you and your siblings. If there are two of you, he can gift $28k total. If you are your siblings are married, your father can also give a $14k gift to your spouses tax free.