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REG Test Questions & Answers 100% CORRECT 2024/2025
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REG Test Questions & Answers 100% CORRECT 2024/2025
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REG Test Questions & Answers 100%CORRECT 2024/2025
gifts (present vs. future) - ANSWERSpresent gifts qualify for the current gift tax exclusion and future gifts
do not
gift tax rules - ANSWERS- allowable tax free gift amount per person/per year is $15,000, husband and
wife can give $30,000
-person giving gift pays tax (files form 709)
unlimited gift tax exclusion: payments directly to a university, payment directly to a health care provider,
charitable gifts, marital deduction
Items included in a gross estate - ANSWERSFMV of property
insurance proceeds - if they had power to change
incomplete gifts
revocable transfers
income in respect to decedent (earned before death)
- anything owned with spouse include 50%
Nondiscretionary estate deductions - ANSWERSMedical expenses
administrative expenses
outstanding debt
claims against estate
funeral expenses
indebtness of property
certain taxes (taxes before death & state death taxes)
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