Preparing a Gift Tax Return Using Form 709 (FRM7)

Pre-requistes:

Knowledge Level:

Major Topics:

• Situations in which consenting spouses are not required to file Form 709
• The inclusion of up-to-date revised forms and references
• Calculation of additional credit for decedent spousal unused exemption (DSUE)
• Gifts excluded from gift tax reporting
• Form 709, gift tax reporting, and the effect of the lifetime exclusion
• The annual exclusion – what qualifies and how is it calculated
• Calculation of unified credit and prior year credit recalculation
• Proper gift tax reporting of front-end loaded §529 qualified tuition plans
• Present interest versus future interest
• Adequate disclosure requirements and the statute of limitations

Learning Objectives:

• Identify the differing types of gifts, limits, and information required on Form 709
• Understand the proper preparation of Form 709

Designed For: