Objective
- Understand the proper preparation of Form 709
- Identify the differing types of gifts, limits, and information required on Form 709
Highlights
- Form 709, gift tax reporting, and the effect of the lifetime exclusion
- Present interest versus future interest
- The annual exclusion – what qualifies and how is it calculated
- Situations in which consenting spouses are not required to file Form 709
- Gifts excluded from gift tax reporting
- Adequate disclosure requirements and the statute of limitations
- Proper gift tax reporting of front-end loaded §529 qualified tuition plans
- The inclusion of up-to-date revised forms and references
- Calculation of unified credit and prior year credit recalculation
- Calculation of additional credit for decedent spousal unused exemption (DSUE)
Designed For
Accounting and Financial Professionals involved in the preparation of individual, gift, and information returnsPrerequisite
NoneAdvanced Preparation
None