Gift Tax Flashcards
1
Q
Annual gift tax exclusion for 2021 is $15,000
The lifetime applicable credit is $11.7 million
A
Contributions to Qualified Tuition Program (QTP) has special provision that allows contributions up to $75K to be treated as ratably over 5yrs. Can be used for as many separate people as you want.
A Remainder interest in a trust has to be reported on Form 709
