Nora Devine, a high-volume property tax appeal attorney, and Bradford Miller, a high-volume real estate closing attorney, share their property tax proration processes and best practices. You will learn the broad mechanics of property tax payments in Illinois and best practices for the common pitfalls at the closing table. The presenters have included worksheets and forms in the materials that you can utilize in your real estate closing practice.
Learn about the areas of overlap and differences between federal and Illinois estate tax law. Learn about challenges you might face if you have no federal estate tax but have an Illinois estate tax. The discussion will also include issues with establishing or changing domicile, structuring an estate plan to minimize Illinois estate tax, and questions you should ask your clients to avoid future Illinois estate tax problems.
Basis consistency (IRC §1014(f)) and new reporting requirements with regard to property the value of which is included in a decedent’s gross estate for federal estate tax purposes to be reported to the IRS on Form 8971 and provided to the recipients of the property on Schedules A (IRC §6035) were enacted July 31, 2015. This presentation will overview these new Code sections, the pending Proposed Regulations (and final regulations if issued prior to the presentation), and the new Form 8971 and Schedule A.
Proceed step-by-step through the basics of federal gift tax preparation, including calculation of tax due, gift tax splits, and filing procedure and deadlines. Sample completed forms are provided and discussed.
We will walk step-by-step through the basics of federal gift tax preparation, including the calculation of tax due, gift tax splits, and filing procedure and deadlines. Sample completed forms will be provided and discussed. Includes An Introduction to the Topic and the Hypothetical.
This hands-on workshop will teach you everything you need to know about expertly completing federal gift and estate tax forms 709 and 706. Forms 8971 and 1041, as well as post mortem tax planning and Illinois estate tax laws, will also be covered. Get your pencils ready: a hypothetical will be utilized throughout the program, so that you can complete forms and calculations yourself in real-time to ensure understanding of these intricate tax forms.
This comprehensive handbook provides both the experienced attorney and those new to this area with best-practice information and insight into issues that are commonly the subject of real property litigation.