EST2510. Speed Round—Forms 706, 709, 1041: Your Questions Answered! (IN-PERSON ONLY)

** IN PERSON ONLY**

In this session, four experts answer all your questions on tax forms 706, 709, and 1041.

Form 706 is broken into two categories: assets and deductions. Laura Hinson will discuss 706 assets and answer your questions about valuation and how the assets should be presented on the forms. Donita Joseph will review 706 deductions. This is a particularly current topic because of the latest IRS proposed regulations, implying that executors could be sanctioned over deductions deemed excessive and late filing.

Steve Bigge will respond to your questions on Form 1041, especially on which items can be deducted on Form 1041 rather than form 706.

Finally, the form 709 gift tax return was re-designed for 2024 gifts; Mary Kay Foss will answer questions upon completing each item.

Learning Objectives:

• Determine the proper Form 706 schedule for reporting specific assets and deductions.
• Recognize the impact of distributions on DNI and the distribution deduction on Form 1041.
• Identify proper reporting of gifts from each spouse on Form 709.