clipped from: couponing.about.com   
A study determined that giving an unwanted gift you received to someone else (regifting) is not considered as unacceptable as in the past

According to the study, 77 percent of those surveyed admitted to re-gifting because the item was better suited for the person who received it. Nine percent admitted to doing it out of laziness and four percent said they regifted because they did not like the person who was getting the gift

Don't Regift the Gift Card

A gift card hidden in tissue in a gift box can easily get passed along in error

Don't Regift the Gift Wrappings

Everyone can tell when something has hung around in a gift box for a year

Don't Tell

People like to believe gifts they receive were chosen with thought and consideration

Don't Regift the Used or Slightly Used

Remember - a regift is a new item you give to someone else

Don't Forget Where the Gift Came From

Avoid giving a re-gift to family or friends of the person who originally gave the gift to you

Do Regift Nice Things

Do Regift Heirlooms