If your client made taxable gifts in 2020, the final deadline for filing a gift tax return is October 15, 2021, but you may be doing this in April. Reporting annual exclusion gifts, what gifts qualify for marital and charitable deductions, and how to complete Form 709 correctly are topics this webinar seeks to clarify.

Learning Objectives:

• Determine how to report gifts and allocate GST exemption to help practitioners know that they do not waste a client's unified credit


• Identify adequate disclosure of gifts to start the statute running on the IRS's ability to audit the gifts that are reported


• Identify qualifying gifts for the annual exclusion as well as which gifts qualify for the marital and/or charitable deductions


• Determine how to identify a sample fact pattern (sample 709s will be presented for a husband and wife, showing the scheduled analysis of how the return should be completed correctly)


• Identify generation-skipping transfer tax and the automatic exemption of the client's exclusion to certain gifts