Credit Hours: 3
Requires Prerequisites or Advanced Preparation: No
Delivery Method: PDF
Instructor: Andrew Clark, EA.
Gifts are a commonly used method to reduce the amount of estate taxes owed. The Tax Cuts and Jobs Act made changes the affect gift taxes. This course has been updated to reflect all current changes to tax law as practitioners prepare returns in 2019. This course will explore the topic of gift taxes. It will explain when gifts are free of tax liability and identify various scenarios where filing a gift tax return is required.
This course will cover the following topics:
- Describe what financial transactions constitute a gift
- Recognize when a gift transaction is completed
- Identify the annual gift exclusion amount
- Differentiate between present interest and future interest gifts
- Recognize the types of gifts that are not subject to gift taxes
- Recognize the benefits of gift splitting
- Identify the form that is used for gift taxes and the due date for submitting it