This course has been updated to reflect all current changes to tax law as practitioners prepare returns in 2023. It will explore the topic of gift taxes and explain when gifts are free of tax liability and identify various scenarios where filing a gift tax return is required. Understanding gift tax rules is crucial for effective wealth transfer and financial planning.
This course provides essential insights into the federal gift tax system, explaining what constitutes a taxable gift, how the unified transfer tax system integrates gift and estate taxes, and strategies for minimizing tax liability. We delve into the specifics of the 2023 annual gift exclusion amount ($17,000) and the substantial lifetime exclusion amount ($12,920,000).
Key topics covered include:
By the end of this course, you will be equipped to recognize gifts as an effective wealth transfer mechanism, apply the annual and lifetime exclusions correctly, differentiate between present and future interest gifts, identify non-taxable transfers, understand the use and taxation of trusts in gifting, determine when a gift tax return is required, and identify generation-skipping transfers.
Stay updated with the latest tax provisions and enhance your ability to advise clients or manage your own wealth transfers effectively.
Field of Study: Taxes
This course includes:
