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Form 709: United States Gift (and Generation-Skipping Transfer) Tax Return Fundamentals

Get the essential information you need to file Form 709 and save your clients from future estate tax problems.

A significant challenge for estate planners, accountants and other professionals is the gift tax return. The challenge is born from the fact that the form itself is short and, therefore, appears simple. In reality, the form is complex and is often the culmination of calculated, intricate estate planning, including not only the gift tax exposure but also identifying the potential GST tax issues. Therefore, it is important to always consider the possibility of an audit during the preparation phase in order to be properly prepared to defend the gift tax return. There are several questions to contemplate: What if your gift tax return is selected for audit? Will it stand up to scrutiny? Will the value of the gift be upheld, if challenged? Will the value of the gift be increased? Will there be taxes due or interest and penalties? A gift tax return is the summary of the gift and memorializes the transaction. If the gift tax return is not properly prepared and filed, the value of the gift can fail, possibly causing transfer taxes and interest and penalties. It is important to understand when to file a gift tax return, what documents must be attached for substantiation, disclosure of zero gift tax transactions (sales to grantor trusts) and that a properly filed gift tax return will allow the statute of limitations to run. This topic will explain how to properly prepare a gift tax return with the appropriate exhibits for adequate disclosure, will enable you to advise your clients as to the scope of a gift tax return and the protection that a properly prepared gift tax return can afford, and give you and your client the peace of mind that the gift will not come back to haunt you in the future.

Runtime: 88 minutes
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview

  • Gift and Gift Types
  • Annual Gift Tax Exclusion/Lifetime Gift and Estate Tax Exemption
  • Filing Requirement - Who Must File
  • Transfers Not Subject to the Gift Tax
  • Transfers Subject to the Gift Tax
  • Tax Rate and Penalties

Vocabulary and Background

  • Skip Person and Non-Skip Person
  • Direct Skip
  • Split Gifts

Review of United States Gift (and Generation-Skipping Transfer) Tax Return (Form 709)

  • General Information
  • Schedule A - Computation of Taxable Gifts
  • Schedule B - Gifts From Prior Periods
  • Schedule C - Deceased Spousal Unused Exclusion (DSUE)
  • Schedule D - Computation of Generation-Skipping Transfer Tax
  • Exhibits and Adequate Disclosure

Illustration of a Gift Tax Return

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on July 16, 2019.

Call 1-866-352-9540 for further credit information.

  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • WA CLE 1.5
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of A/V credit under the Law & Legal Procedure category.
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

John S. Erwin, Esq.

John S. Erwin, Esq.

Erwin & Marcus, P.C.

  • Senior partner of Erwin & Marcus, P.C., and founding partner of the predecessor law firm, Hill, Ullman & Erwin P.C.
  • Erwin & Marcus, P.C., formed in 2015, is the successor to Hill, Ullman & Erwin P.C., which, since 1978, has guided clients through the process of wills, trusts, gift, estate planning, asset protection and generation-skipping tax planning; he calls this process Waste Management because unnecessary and avoidable estate taxes or the failure to protect assets is indeed a waste
  • Firm focuses on methods that help individuals and families maximize the preservation of assets and minimize estate and gift taxes; the mission is protection, for clients and future generations; the goal is simple: to give clients the peace of mind that results from a properly implemented estate plan
  • Consultant on estate planning for the Peconic Land Trust of Southampton, New York, where he joins their mission to conserve and protect Long Island’s working farms and open spaces and to leverage funds available from the public and private sector for continued land protection
  • Serves on the board of directors for the Southfork Land Foundation and is a member of the planned giving counsel of New York Presbyterian
  • Supporter of Empire State Pride Agenda, New York’s statewide LGBT civil rights and advocacy organization and Publicolor, a stay-in-school youth development program
  • Member of the New York State Bar Association NYSBA Trusts and Estate Law Section
  • J.D. degree, Union University, Albany School of Law; B.A. degree, Westminster College
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 405796
Published 2019
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