Preparing Form 709: The Federal Gift Tax Return (Currently Unavailable)

Author: Steven G. Siegel

Preparing Form 709 Federal Gift Tax Return
Many taxpayers made gifts in the last year to transfer substantial assets at little to no Federal gift tax cost to take advantage of the significant federal gift tax exclusion. Proper compliance with the complex gift tax rules remains necessary to protect and preserve the advantage of the current exclusion levels. There is also the threat of coming law changes to reduce the available exclusions.

This program addresses the proper preparation of Form 709, the U.S. Federal Gift Tax Return that needs to be filed. It will provide an overview and update of the basic concepts and issues of gift taxation, give you a helpful review of recent developments affecting gifts, and describe what must be done to accurately complete Form 709 and prepare for possible law changes.

Publication Date: December 2021

Designed For
This course is essential for CPAs, enrolled agents, tax attorneys and other professionals who advise clients on tax, retirement and estate planning, and other wealth management matters.

Topics Covered

• Ascertaining Whether a Federal Estate Tax Return May Be Required and Other Post-Mortem Tax Planning
• Dealing with Form 706 and the Preliminary Decisions to Be Considered Early During Administration
• Filling Out Asset Schedules A through I of Form 706 Schedule A—Real Estate
• Special Use Valuation Election: Section 2032A
• Schedule B: Stocks and Bonds
• Schedule C: Mortgages, Notes and Cash
• Valuation: Discounting Mortgages and Notes
• Schedule D: Insurance on the Decedent's Life
• Schedule E: Jointly Owned Property
• All Other Joint Interests
• Schedule F: Other Miscellaneous Property
• Schedule G: Transfers During Decedent's Life
• Schedule I: Annuities
• Use of the Alternate Valuation Date
• Completing Deduction Schedules J through U
• Schedule J: Funeral Expenses and Expenses Incurred in Administering Property Subject to Claims
• Schedule K: Debts of the Decedent, and Mortgages and Liens
• Schedule L: Net Losses During Administration and Expenses Incurred in Administrating Property Not Subject to Claims
• Expenses Incurred in Administering Property Not Subject to Claims
• Schedule M: Bequests, etc. to the Surviving Spouse
• Schedule O: Charitable, Public and Similar Gifts and Bequests
• Schedule P: Credit for Foreign Death Taxes
• Schedule Q: Credit for Estate Tax Paid on Prior Transfers
• Schedule R: Generation-Skipping Transfer Tax
• Schedule U: Qualified Conservation Easement Exclusion
• Completing the Return: Pages 1 through 3

Learning Objectives

• Identify how to apply a practical, updated understanding of the gift tax
• Recognize the parts and schedules that make up the Form 709
• Differentiate whether lifetime transfers are subject to gift tax
• Identify how to figure gift tax liability
• Describe the annual and lifetime gift tax exclusion amounts for 2021
• Recognize what would be exempt from gift tax
• Recognize true statements regarding the gift tax marital deduction
• Identify what is not one of the valuation discounts that may be applied to a determination of the value of family held businesses
• Identify the annual gift tax exclusion for 2022
• Identify the maximum rate for computing gift tax for 2022
• Recognize which type of trust involves present interests for minors and life insurance planning
• Describe fair market value
• Identify an act by a beneficiary whereby the beneficiary declines, refuses, and renounces any interest in property otherwise bequeathed to the beneficiary
• Recognize which form is used to request an automatic six-month extension of time to file just Form 709

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None