Understanding the Federal Gift Tax

Author: Steven G. Siegel

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card

The federal gift tax often comes as a surprise to clients who want to transfer wealth to family members. There is often confusion about how gifting works, what forms need to be filed, and how it can affect estate planning. This program offers a clear, concise and practical review of what the gift tax is and how it works. Now that portability rules have been made permanent, there are significant opportunities for planning using gifting on the part of a surviving spouse. In addition, the lifetime exclusion and the generation skipping transfer (GST) tax exclusions have been enhanced significantly.

Publication Date: May 2023

Designed For
This course is essential for CPAs, CFPs, enrolled agents, tax preparers, tax attorneys and other professionals who advise clients on tax, retirement and estate planning, and other wealth management matters.

Topics Covered

• Transfers Subject to the Gift Tax
• Transfers that are not Subject to the Gift Tax
• Exclusions from the Gift Tax
• Gift-Splitting by Spouses
• Available Gift-Tax Deductions
• Valuation of Gifts
• Avoiding Gift Treatment through the Use of Disclaimers
• Special Rules and Situations Involving Gift Transactions
• Statutes of Limitations on Gift Tax Valuation and Assessment

Learning Objectives

• Describe what the federal gift tax is and how it works
• Identify transfers that are subject to the gift tax and which are not
• Recognize how to explain key compliance and reporting requirements for the gift tax
• Identify planning opportunities with the gift tax

Level
Overview

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None