If you have a perfectly good present that is simply not to your taste, then why not re-use it? You could give it to charity or you could give it to someone in your life that you think could use or want it.
There are some things you should never do. Never re-gift to the same circle. For example, your family member gives your husband a present. You can not turn around and give the present to another member of your same family. They will find out and there will most likely be hurt feelings both from the giver and the new recipient.
You never re-gift a present just to get rid of it or just to have a present for some one. You should have a reasonable expectation that the new recipient will like the gift. For example, if someone gives you a book on conservative politics, don't give it to the ultra-liberal person. Even when re-gifting, you should attempt to do so thoughtfully. A Barnes & Nobles gift card is a thoughtful gift for a book lover. A gift card to a liquor store is not a good gift for some one who does not drink.
The gift should also be new and unused. Giving away something you have already used and no longer need is a great thing to do when there is no occasion involved and it is just freely given. It is not a great thing to do as a Christmas or birthday present.
Gifts should be free of monograms or personalized notes. If someone wrote a personal message in the front of the book, you can not re-gift it.
If the re-gifting is an attempt to save money, you could look into making something or offering things instead. Do you knit beautiful blankets? Could you give them a home made IOU to babysit for an evening out? Perhaps you could make them cookies.
It is not re-gifting that is the crime. It is when people do it thoughtlessly that the trouble starts.
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