1 Drag the iTunes Library.itl file to your Desktop. 2  In the iTunes folder, open the Previous iTunes Libraries folder. 3  Find the file named iTunes Library YYYY-MM-DD where YYYY-MM-DD is the date you updated iTunes (Year-Month-Day). Windows: Navigate to \Users\ username \Music\iTunes\. 2  Drag the iTunes Library.itl file to your Desktop. 3  In the iTunes folder, open the Previous iTunes Libraries folder. 4  Find the file named iTunes Library YYYY-MM-DD where YYYY-MM-DD is the date you updated iTunes (Year-Month-Day).
Annual Exclusion. No gift tax is owed by a person who gives anyone gifts that have total value of less than the annual threshold established by the Internal Revenue Service. As of 2012, the threshold is $13,000. Giving a car with less value than this limit does not incur gift tax.
Gifting generally is a way to avoid estate taxes for the donor and the recipient, according to Borison. That's because the tax code allows each American to give away up to $5 million -- through gifts, an estate or a combination of the two â tax-free in his lifetime. A married couple can give up to $10 million.Both amounts are adjusted for inflation under the 2010 legislation.nnual Limit. For citizens of average means, the most important portion of the tax code allows taxpayers to give away up to $13,000 (adjusted for inflation) annually, tax-free, to as many people as the giver wants. For a married couple the limit is $26,000. These gifts are not part of the $5 million lifetime limit.