Estates, Trusts & Gift Taxes 3 of 4 (15) Flashcards
1
Q
Gift Tax Return
A
A tax return (Form 709) required to be filed by the giver, to report gifts given during the year in excess of the annual exclusion ($15,000 per individual; $30,000 if married filing jointly with gift-splitting election).
2
Q
Present Interest Gift
A
A gift that is immediately available to the gift beneficiary.
3
Q
Future Interest Gift
A
A gift that is not immediately available to the gift beneficiary and remains in the control of the donor for some period of time, such as the donation of a personal residence to a charity with title transferred upon the death of the donor.
