question about asset transfer

[indianabk686]

New to the forums, almost ready to file.

About a month ago I sold my laptop (fairly new Thinkpad) to my father in law for $900. We needed to file fast, and I figured the laptop was the most expensive thing I owned outright to pay atty fee. I just asked him if he knew anyone interested, and he jumped on it. Now I am thinking it may have not been the best idea reading some threads about asset transfers. I am well under the property exemption upper limit (our stuff including our 2 cars which we own takes us to around 11,500, and 16K is the exemption limit for a married couple) even valuing the laptop at $900, which is a reasonable price for as nice as it is.

Any thoughts on how to approach this? Of course I will consult with atty, but just thinking if you guys have past experience.

[JRScott]

Consult with your attorney.

Property Transfer usually I think is limited to real property transfer. However ask your lawyer to be sure.

So long as 900 dollars was a fair price for the laptop and you can show where the money went I don't think you'd have any problems. Just talk to the lawyer and make sure he's aware.

[HHM]

Its a small enough amount that it won't matter.

[CindyLou]

They ask about 'real property' which mean something with a title...car, house, boat, etc.....

You will be fine with selling the laptop. Even with real property a transfer is fine as long as you received fair market value and didn't hide the money from the sale.

[southernbelle]

Make sure you disclose selling the laptop to your atty just to make sure he can advise you appropriately. $900 is a fair asking price for a laptop and you shouldn't have any problems.

[Cali]

I would make sure you let your attorney know, but I don't see there being any problems.