Introduction

Gifts are a commonly used method to reduce the amount of estate taxes owed. This course has been updated to reflect all current changes to tax law as practitioners prepare returns in 2024. 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.

Learning Objectives

At the end of this course, students will be

• 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.

CPE Credit: 3 CPE for CPAs and EAs

Level: Intermediate

Instructional Method: Self-Study

NASBA Field of Study: Taxes

Program Prerequisites: Basic understanding of federal income taxation concepts.

Advanced Preparation: None