Get the free Form 706 Rev 8-2008 Instructions for Schedule AReal Estate - timbertax

Appendix III Form 706 (Rev. 82008) Instructions for Schedule Areal Estate If the total gross estate contains any real estate, you must complete Schedule A and file it with the return. On Schedule

How to fill out form 706 rev 8-2008

How to fill out form 706 rev 8-2008:

1. Start by gathering all necessary information and documents, such as the deceased person's financial records, property valuations, and beneficiaries' information.
2. Begin with completing the basic information section of the form, which includes the decedent's personal details, such as their name, address, and date of birth. Also, provide the date of death and the probate court handling the estate.
3. Proceed to Part 1 of the form, where you will report the gross estate. List all assets owned by the decedent at the time of their death and provide their respective values. Include real estate, securities, bank accounts, businesses, and any other assets.
4. In Part 2, you will report certain deductions and calculate the adjusted gross estate. This section includes allowable deductions such as mortgages, administration expenses, charitable bequests, and losses.
5. After calculating the adjusted gross estate, move to Part 3 and apply the applicable tax rate to determine the tentative tax. Refer to the tax tables provided by the IRS to calculate this correctly.
6. Next, move on to Part 4 and report any credits that may apply to the estate. These can include the unified credit, foreign tax credits, or any other applicable credits.
7. Subtract the credits from the tentative tax and fill in the tentative tax minus credits amount in Part 5. This will give you the tentative tax remaining.
8. Finally, complete Part 6 by calculating any gift taxes paid that are attributable to the prior transfers of the decedent. It is important to accurately report any inter vivos gifts made by the decedent within the specified time frame.
9. Review the completed form thoroughly to ensure accuracy and completeness. Sign and date the form before submitting it to the IRS.

Who needs form 706 rev 8-2008:

1. Executors or personal representatives of the estate of a deceased individual who had a gross estate value over the federal estate tax exemption amount at the time of their death.
2. Individuals who are responsible for filing and paying any estate taxes owed by the estate.
3. Estates that need to report and calculate the estate tax liability for federal tax purposes.

Note: It is important to consult with a tax professional or attorney to ensure that the form is filled out correctly and to address any specific circumstances or complexities related to the decedent's estate.

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