Professionals & Personal

Federal (and State) Gift Tax Return Preparation Services

Prepare all annual federal gift tax returns (Forms 709 and, if applicable, any state versions thereof). We can also address, coordinate, and resolve any underlying valuation or discount issues relating to such gifts. We can prepare such directly for clients or in concert with any acting tax preparers. We again offer many excellent tax and CPA firms to refer tax preparation services for isolated or ongoing needs.

Michael B. Green

Just like the federal estate tax exemption, in 2023, individuals are afforded a $12.92 million federal gift tax exemption. That gift tax exemption amount is also subject to change from year-to-year. Absent any legislation, the gift tax exemption will also sunset back to just $5 million after December 31, 2025. Additionally, individuals are each afforded a $17,000 annual exclusion gift limit, before a federal gift tax return (Form 709) is necessary.

Gift tax returns can involve simplicity or extensive complexity. Simple cash gifts from a parent to a child results in a pretty standard gift tax return. Gifts to trusts that involve generation-skipping transfer tax (GSTT) issues (direct or indirect skips, etc.) require attentive and accurate reporting. The precision involved in filing gift tax returns can support or undo the best of estate plans.

Accordingly, we work diligently with estate and tax planners to ensure that gift tax returns are filed timely and accurately. We have worked with the very best of law firms, tax firms, and corporate fiduciaries, to secure extremely important reporting positions. We can directly prepare gift tax returns, or we can review other firms’ work. Again, we savor the aspect of collaboration with service professionals. A well-functioning team effectuates the best results for clients.

Over 25 Years Experience

The Fiduciary Consultant offers collaborative services to legal, accounting, and corporate fiduciary professionals.

Estates, Trusts, and Tax

For Professionals & Families.

Michael B. Green