Gift tax compliance and planning

This lesson is part of the full course.

In it you will learn to:

• Explain the unified transfer tax system and how the annual exclusion, marital deduction and unified credit work together
• Identify exclusions and deductions for federal gift tax purposes, including tuition and medical payments and gift splitting
• Compute taxable gifts and the gift tax for a year, and know when Form 709 is required
• Choose which property a client should give to reduce a future estate, considering basis rules