Can Form 3520 Preparation 2023-2024

Here is the revised and separated content: What's going on Alex here and today I'm going to talk about the tax implications of gifts. I'm also going to talk about gift taxes. Now, the reason I separate the two is because a fair amount of gifts can be made without any gift tax implications whatsoever, so it's important to understand the framework of gift taxation to be able to determine whether any particular gift is a taxable gift or not. Now, one thing I'm not going to cover in this video is foreign gifts. That's because foreign gifts have tax implications and tax filings all in and of themselves, which can be a subject of a whole other video. So, in this video, I'm only going to cover gifts from people in the U.S. of assets in the U.S. to people in the U.S. Now, to really understand gift taxes, you also have to understand a little bit about estate taxes. The reason is because they're linked. Now, that might sound weird, but when you think about it, the estate tax is essentially a tax on the fair market value of all the assets that end up in your estate when you pass away. Now, there are a whole set of exclusions and valuation issues and so forth that go into that, but at a very basic level, that's what the estate tax is. So, the estate tax is essentially a 40% tax on the assets in the estate above a certain amount. Now, what is that amount in 2018? Because of the Tax Cuts and Jobs Act, that amount is $11.18 million dollars per individual. So essentially, you can have $11.18 million dollars in your estate and pay zero estate tax whatsoever. Now, of course, this limit can change from year...