Preparing a Gift Tax Return Using Form 709 (FRM7)

Customer Rating

Rated 5 out of 5

Field of Study
Taxes

Level
Basic

Credits
2

Qualifies For
IRS CPE

Price: $ 19.99

This course will enable practitioners to understand the basic practical issues of preparing the gift tax Form 709. This course covers the disclosure requirements and the information necessary to properly prepare the form.

Additional information

year	2021, 2022
version	01
Credits	2
Company Code	Self Study
Format	On Demand
Yellow Book Approved	0
CFP Approved	0
IRS Approved	1
CTEC Approved	0
Field of Study Credits	Taxes (2)
Field of Study Department	Taxes
Course Version	2022-01
CPE Approved	1

Pre-requistes:

None

Knowledge Level:

Basic

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:

CPAs involved in the preparation of individual, gift, and information returns