23 Jan
2010
23 Jan
'10
8:53 p.m.
On 23 Jan 2010 at 22:11, blstuart at bellsouth.net wrote:
One last thing. If you do transfer the title that way
and
it's not to a spouse, be prepared to pay gift taxes on it.
I think the limit before gift taxes kick in is $10K per
recipient per year. Of course, keeping this on topic, if
you have so much classic computer equipment that $10K
per year won't get it all distributed, then I'll be glad to
take $10K in computers per year off your hands. Can
we start with a Straight-8? :)
It's currently (2009) $13K per year per person. If you're married
and your spouse agrees, then s/he can participate and your total goes
to $26K per person per year. If your recipient has children or a
spouse, multiply accordingly.
Regardless, you're an idiot if you don't see a tax specialist about
all of this.
--Chuck