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This document is used to provide information regarding life insurance policies associated with a decedent for estate and gift tax purposes.
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How to fill out form 712
How to fill out Form 712
01
Begin by downloading Form 712 from the official website or obtaining a physical copy.
02
Fill in the taxpayer's information, including name, Social Security number, and address.
03
Provide details about the insured individual, such as their name, date of birth, and policy number.
04
Include information about the insurance policy, like the type of policy and the death benefit amount.
05
If applicable, list any loans against the policy.
06
Sign and date the form.
07
Make a copy of the completed form for your records before submitting it.
Who needs Form 712?
01
Individuals who are beneficiaries of a life insurance policy to report the value of the insurance policy for tax purposes.
02
Estate executors or administrators who need to provide the value of life insurance policies during estate settlement.
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What is an IRS 712 form used for?
When an insured person or policy owner dies and an estate tax return is filed (or when a life insurance policy is transferred as a gift), Uncle Sam wants to know about it by way of the Internal Revenue Service (IRS) Federal Form 712 Life Insurance Statement.
How do you report life insurance on an estate tax return?
You must list every policy of insurance on the life of the decedent, whether or not it is included in the gross estate. The number of the policy. For every policy of life insurance listed on the schedule, you must request a statement on Form 712, Life Insurance Statement, from the company that issued the policy.
Who is required to file the IRS form 720?
1. Businesses. Any entity, whether a sole proprietorship, partnership, corporation, or a limited liability company, dealing in goods or services subject to federal excise taxes must file Form 720.
Who fills out form 8995?
Form 8995 is the IRS tax form that owners of pass-through entities — sole proprietorships, partnerships, LLCs, or S corporations — use to take the qualified business income (QBI) deduction, also known as the pass-through or Section 199A deduction.
Who fills out IRS Form 712?
Form 712 is filed by executors with Form 706, 706-NA, or 709 for insurance policy or premium amounts.
Why do I need a form 712?
IRS Form 712 is used to calculate estate or gift tax. It documents the value of a life insurance policy when the insured dies or the policy is transferred as a gift.
How do you report life insurance on an estate tax return?
You must list every policy of insurance on the life of the decedent, whether or not it is included in the gross estate. The number of the policy. For every policy of life insurance listed on the schedule, you must request a statement on Form 712, Life Insurance Statement, from the company that issued the policy.
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What is Form 712?
Form 712 is a tax form used by the IRS to report the value of an estate for estate tax purposes, specifically for life insurance policies owned by the deceased.
Who is required to file Form 712?
Form 712 must be filed by the executor of an estate or another representative responsible for settling the estate of a deceased individual, particularly when life insurance policies are involved.
How to fill out Form 712?
To fill out Form 712, you need to provide information such as the policyholder's name, policy number, the face amount of the policy, the value of the policy at the time of death, and any applicable deductions. It’s important to ensure all required fields are filled out accurately.
What is the purpose of Form 712?
The purpose of Form 712 is to provide the IRS with information regarding life insurance policies owned by the deceased, aiding in the calculation of the estate tax due.
What information must be reported on Form 712?
The information that must be reported on Form 712 includes the name and address of the insured, the name and address of the beneficiary, the policy number, the insurance company's name and address, the face amount of the policy, the cash surrender value, and any outstanding loans against the policy.
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