Preparing a Gift Tax Return Using Form 709 (FRM7)

Pre-requistes:

Knowledge Level:

Major Topics:

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

Learning Objectives:

• Understanding the differing types of gifts, the limits, and information required on Form 709
• Introduction to the proper preparation of Form 709

Designed For: