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17 Cards in this Set
- Front
- Back
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What is the gift tax annual exclusion? How much? |
You can give a gift up to the amount of the exclusion before paying taxes.
Indexed for inflation in $1000 increments |
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What is Form 709 and when is it due? |
It is the federal gift tax form and is due on April 15th of the year following the gift |
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When are gifts valued? |
On the day given |
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Estates are valued when? |
The day of the decadents death |
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What is the maximum marital deduction? |
Unlimited (includes homestead) |
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Max charitable deduction? |
Unlimited |
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What is a Form 706? When is it due? |
Federal estate tax Form
Due 9 months after the date of death( one 6 month extension of wanted) |
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If you give a gift of $4000 and the exclusion is $14000 how much is the taxable gift? |
0 can only take up to $4000 not the full $14000 |
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How much is a taxable gift if the gross gift was $30,000 and the exclusion is $14,000 |
$16,000 |
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Are a credit and deduction the same? Which is better |
NO credit is better |
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Argument for the federal estate tax? |
If the tax were taken away, charitable contributions would fall substantially |
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Argument against the federal estate tax? |
It penalizes successful individuals and taxes property that has already been taxed when earned |
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Gift money has to be out of the account when? |
No later than Dec 31 |
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When a husband becomes deceased can you transfer any unused estate tax exempt option? Called? |
Yes! To the surviving spouse
Portability |
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Who decided the estate and gift taxes? |
Congress |
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The present 100% unlimited gift and estate tax marital deduction only pertains to? |
US citizen spouses |
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To qualify for the annual exclusion, the gift must be one of |
Present interest (immediate access) |
