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Old 06-13-2005, 12:37 AM
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Join Date: Jun 2005
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Value of items gifted under UTMA

What is the name of your state? Florida

I am transferring to my step-son the following: a) My ownership of a piece of Software that I created, and b) my rights, titles, and interst in the marketing agreement between me and the company, that amung other called for royalty payments for each sale of the program

How do I tax this event?
  #2  
Old 06-16-2005, 02:29 PM
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Join Date: Mar 2005
Location: Maryland
Posts: 101
when you say "transfering" i assume you are gifting them.

if gifting, there are no income tax consequences to gifts, however, if the value of these gifts exceeds $11k (i believe that's the limit for 2005, it was for 2004 i think) you should file a gift tax return.

there will be income tax issues with the income on the assets though, but i'm sure you knew that......
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