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.
Further, gift givers can subtract amounts more than $14,000 from a lifetime exemption amount (without having to pay taxes on it) known as the unified credit. This amount stands currently at $5.34 million per person.However, givers must report these gifts to the IRS by filing a gift tax return, or Form 709.urther, gift givers can subtract amounts more than $14,000 from a lifetime exemption amount (without having to pay taxes on it) known as the unified credit. This amount stands currently at $5.34 million per person.