PowerPoint Presentation GIFT TAX PROBLEM WHAT DID WE LEARN

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GIFT TAX PROBLEM WHAT DID WE LEARN

• How gift splitting by spouses is done.
• We see how the tax brackets creep up with more
  gifts and at death. We first compute the tax on
  all gifts made during lifetime and then subtract
  out the amount of tax on prior gifts to get this
  years tax.
• The income tax basis of gifted property is
  required to be reported on the gift tax return.
• When is the return due to be filed? April 15th
  of the year after the gifts are completed.
• We also know that the actual filing of the return
  is easy the law behind it is not.