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Get the free Form 706-NA (Rev. July 2011) - Internal Revenue Service - irs

Form 706-NA (Rev. July 2011) Department of the Treasury Internal Revenue Service Estate of nonresident not a citizen of the United States To be filed for decedents dying after December 31, 2009. United
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Hello we will be going over form 706 together and if you want you can pull up your own copy of form 706, so I can pause this video then come back and let's go to that form 706 together your job is to prepare the in product which is the form 706 on your midterm and I expect form 706 to be as complete as possible a list that a list of what should be attached to the return but not the actual attachments should be included because I will not be reproducing the documents to include any attachments, but we want the return to look as complete as possible when you complete a form 706 I have a copy here we're going to go through some schedules and various pages of the form you're telling the deceit and story, but it reflects a snapshot of where the deceit was at the time of death it's important to be complete when you prepare them the starting point is to determine if a return is required the first step is to determine if the gross estate which is gross estate tax I should say on line 8 which you can see here exceeds the required exclusion amount, and you can see the exclusion amounts computed here in section 9 but when you compare those two numbers it still isn't quite that simple there are adjustments that have to be made and the adjustments to the exclusion amount are in the lines that follow the basic exclusion shown online a and those amounts those adjustments are the adjusted taxable gifts which are the pulse 76 gifts not included in the tax for state we have to reduce the applicable exclusion for any exam that was taken after September 8, 1976, and what I'm discussing now is shown here on line 10 in the 76 act they went from an exemption to what we now have today which is the unified credit when they made a change in the law going from this exemption to the unified credit that we have today for the period 98 76 to the end of 1976 if you used your exemption you had to reduce your credit by 20% of the exemption you use so that affects our clickable exclusion amount and that's why you see this adjustment that needs to be made whether you have to file a tax of form 706 depends on the amount of the gross estate not the net estate that generates an estate tax if we add back the exemption that we talked about not too long ago that you use posts September 8, 1976, as well as your adjusted taxable gifts let's see where that is on line 4 — your taxable estatonlinenrevisited FIF that amount exceeds the amount when you take your tax for state, and they're just a taxable gifts if is those two amounts exceeds your applicable exclusion amount that's on line 9 see for the most part then you know that you're going to have enough to require you to file a tax return so that's just a quick way of trying to gauge it not not so quick but at least before you go through everything in all the schedules so basically the filing requirement is the function of your gross estate now in addition to that if you have a situation where you have a dispute a deceased spouse's...
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