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This form is used for reporting life insurance policy details related to estate and gift tax purposes. It must be completed by the executor of the estate and filed with Form 706 or Form 709 as applicable.
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How to fill out form 712
How to fill out Form 712
01
Obtain Form 712 from the official website or local tax office.
02
Fill in the taxpayer's information, including name, address, and Social Security number.
03
Provide details about the estate, including the date of death and the estate's total value.
04
List the decedent's assets and their respective values on the designated lines.
05
Indicate any debts or liabilities of the estate.
06
Complete any additional sections as required, such as the deductions or exemptions.
07
Review the form for accuracy and completeness.
08
Sign and date the form.
09
Submit the completed form to the appropriate tax authorities by the deadline.
Who needs Form 712?
01
Individuals who are the executors or administrators of an estate.
02
Beneficiaries of an estate who need to report the value of inherited assets.
03
Anyone involved in managing an estate of a deceased individual in order to assess estate taxes.
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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 document used by the IRS to report the value of life insurance policies for federal estate tax purposes.
Who is required to file Form 712?
The executor or personal representative of an estate is required to file Form 712 if the deceased owned any life insurance policies at the time of death.
How to fill out Form 712?
To fill out Form 712, gather information about the insured individual, the insurance policy, and its cash value. Complete the form by providing details such as the name and address of the insured, the policy numbers, and the value of the policy.
What is the purpose of Form 712?
The purpose of Form 712 is to report the value of life insurance policies to ensure they are included in the gross estate for federal estate tax calculations.
What information must be reported on Form 712?
Form 712 must report information including the name and address of the insured, the policy numbers, the insurance company, the cash surrender value of the policy, and details of any loans against the policy.
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