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.I can give $130,000 per year -- and my wife can, too -- and we have not even begun to eat into the $5 million limit.â. Theoretically, there is no limit to the amount you can give away under this part of tax law as long as it is limited each year to $13,000 (or twice that from a couple) per person, he said.