Gift Tax Filing and Form 709 Preparation

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Form 709 is the most commonly filed of all transfer tax returns (approximately 10 times more common than estate tax returns) and provides a significant opportunity to reduce later estate tax and/or generation skipping transfer tax (GST tax). The explosion of gifting in 2012 accelerates the frequency for gift tax filing in 2013. Formula-clause gifting, which has also become more popular, requires a unique description of the gift distinct from traditional reporting.

This webinar reviews the following compliance issues and special topics:
• Identification of taxable gifts 
• Valuation principals and practicalities with appraisals 
• Calculation of gift tax payable 
• Annual exclusions with Crummy trusts, LLCs and partnerships 
• Reporting use of the deceased spousal unused exclusion amount (DSUEA) for gifts by a surviving spouse 
• Section 529 elections 
• Coordinating gift tax reporting with GST treatment 
• Significance, use, and satisfaction of adequate disclosure for gift tax and estate tax savings 
• Calculation of gift tax payable 
• Reporting formula gifts 
• Identification and reporting of GST transfers and elections 
• Timely versus late elections with GST reporting 
• GST traps and avoidance on Form 709 

Educational Objectives
• Learn how to complete each line of Form 709
• Be equipped to avoid audits and use the Form 709 as a planning aid
• Alert practitioners to special gift descriptors with formula clauses
• Recognize the purpose, benefits and “how-to” of adequate disclosure
• Use DSUE amounts by the donor spouse
• Identify gift tax issues with popular estate planning strategies
• Identify GST exemption elections, allocation traps, and opportunities



Keith Schiller, Esq., of the Schiller Law Group, a PLC, of Orinda and Santa Monica, California. Keith works with clients and consults with estate planning, trust administration, and tax practitioners, including reviewing estate, gift, and GST tax returns for practitioners. 
Keith is a member of the Advisory Board for BNA’s Estates, Gifts and Trusts journal and the Consulting Board for the Leimberg Information Services®, Inc. Newsletter. He has taught 11 courses for the CalCPA Education Foundation, authoring greater than three dozen published articles and 10 course texts for continuing professional education.  
Keith is the author of the award-winning book, Estate Planning At The Movies™ — Art of the Estate Tax Return, which you have the opportunity to purchase as reference materials for today’s webinar. Details on ordering will be provided at the start of the presentation. The book reveals Keith’s best practice pointers, his insights from co-teaching with the IRS, and practical recommendations from over a dozen leading practitioners across the country. Art of the Estate Tax Return garnered the 2010-2011 Award for Outstanding Course Materials by the CalCPA Education Foundation. 

From passion, Keith chaired the Yosemite License Plate Campaign, during which he lobbied passage for the law approving the Yosemite License Plate and directed the state-wide marketing and sales campaign. The Yosemite License Plate has raised in excess of $25 million for the preservation of Yosemite and California conservation.