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Page 1. CONFIDENTIAL. TL706F3 (Rev. 01/18)

How to fill out tl706 form

How to fill out TL706?

1. Begin by obtaining the TL706 form from the appropriate source. This form is typically used for reporting estate tax liability under section 2001 of the Internal Revenue Code.
2. Fill out the basic information section, which includes the decedent's name, SSN or EIN, date of death, and the name and address of the executor or personal representative.
3. Provide information about the estate, such as the gross estate value, the deductions claimed, and the adjusted taxable estate. This section requires detailed calculations based on the assets, debts, and expenses related to the estate.
4. Complete the Schedule A - Real Estate, which requires listing all the real property included in the estate and their respective values.
5. Fill out the Schedule B - Stocks and Bonds, which requires providing information about any stocks, bonds, or other securities held by the estate.
6. Move on to Schedule C - Mortgages, Notes, and Cash. Here, you need to provide details about any mortgages, notes, or cash held by the estate.
7. Fill out Schedule D - Insurance on the Decedent's Life, which requires disclosing any life insurance policies held by the decedent at the time of their death.
8. Complete Schedule E - Other Property, where you will report any other property not included in the previous schedules.
9. Finally, provide a summary of the estate tax computation in Part 3, along with any payments or credits that may apply. Ensure all calculations are accurate and properly documented.

Who needs TL706?

1. Executors or personal representatives of the estate who are responsible for filing the estate tax return.
2. Individuals who are handling the financial affairs of someone who has passed away and need to report the estate's tax liability to the Internal Revenue Service.
3. Estate planning attorneys or tax professionals who assist clients in fulfilling their legal obligations regarding estate taxes.

It is crucial to consult with a qualified professional or tax advisor to ensure accurate completion and submission of the TL706 form based on the unique circumstances of the estate.

For pdfFiller’s FAQs

What is tl706?

Tl706 refers to the United States Treasury Form 706, which is the United States Estate (and Generation-Skipping Transfer) Tax Return.

Who is required to file tl706?

The executor of an estate is required to file tl706 if the estate's total value exceeds the estate tax exemption amount.

How to fill out tl706?

Tl706 can be filled out manually or electronically, following the instructions provided by the Internal Revenue Service (IRS) and utilizing the appropriate schedules and worksheets.

What is the purpose of tl706?

The purpose of tl706 is to report and calculate any estate tax and generation-skipping transfer tax owed by an estate after a person's death.

What information must be reported on tl706?

Information such as the decedent's assets, liabilities, gifts made during their lifetime, and any applicable deductions must be reported on tl706.

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