US Estate and Gift Taxation

What is the Applicable Credit amount for gifts

4,769.800

What is the Applicable Exclusion AMount for GIfts

12 million

What is the annual exclusion amount

16,000

On what forms are gifts recorded

709

When is Form 709 due

4/15 or 9 months from Date of Death

What triggers the requirement to file 709

Taxable Gift unless under the Applicable Credit amount, 12,060,000

Can the Applicable Credit amount be used to reduce or eliminate the tax?

Yes

What is the alternate valuation date?

6 months after DOD

What 2 things must reduce Alternate valuation for it to be available?

Gross Estate & Tax

What if some of the assets are sold before the alternate valuation date?

Fixes/Freezes value

can alternate value be used for some assets and not others

NO

At what dollar amount it ALternate Valuation Date permitted?

Basic exemption Amount 12,060,000

With Special Use Valuation what is the maximum reduction in value from highest and best use value?

1,230,000

WIth Special Use Valuation the property must be used by qualified heirs for how many years?

10

With Special Use valuation how long must the decedent have amterially participated in the qualified use before death?

5 of the last 8 years

with Special Use Valuation how many appraisals is it necessary to obtain?

2

On what IRS forms are administration expenses deducted?

1041 or 706

On what IRS forms are court costs deducted

1041 or 706

On what IRS forms are Medical Bills deducted?

1040 or 706

On what IRS forms are attorney's fee for deathbed estate planning deducted?

1040 or 706

On what IRS forms are funeral expenses deducted?

706 ONLY

On what IRS forms are attorney's fees for estate settlement

1041 or 706