Get the free Instructions for Form 706 (Rev. August 2013). Instructions for Form 706, United Stat...

Nov 18, 2013 ... Instructions for Form 706. (Rev. August 2013). For decedents dying after December 31, 2012 ..... pub/inspires/irb09-11.pdf) for more information.

How to fill out instructions for form 706

How to fill out instructions for form 706:

1. Gather all necessary documents: Before filling out form 706, gather all the relevant documents such as the decedent's personal information, details about their assets and liabilities, and any related tax documents.
2. Understand the purpose of form 706: Form 706, also known as the United States Estate (and Generation-Skipping Transfer) Tax Return, is used to report and calculate estate taxes for individuals who pass away with a large estate.
3. Begin with the basic information: Start by filling out the basic information section of form 706, including the decedent's name, date of birth, date of death, and social security number.
4. Complete Schedule A: Schedule A requires you to list all the assets owned by the decedent at the time of their death. This may include real estate, investments, bank accounts, retirement accounts, and any other taxable assets.
5. Calculate the gross estate: Once you have listed all the assets, calculate the total value of the decedent's gross estate by adding up the values.
6. Calculate the adjusted taxable gifts: If the decedent made any taxable gifts during their lifetime, these need to be added to the total value of the gross estate.
7. Determine the taxable estate: Subtract any allowable deductions such as mortgages, debts, funeral expenses, and charitable contributions from the gross estate to arrive at the taxable estate value.
8. Calculate the estate tax: Use the appropriate tax rate table provided by the IRS to determine the estate tax due based on the taxable estate value.
9. Complete the remaining schedules: Fill out the remaining schedules of form 706, which may include Schedule C for deductions, Schedule D for property passing under a qualified conservation easement, and Schedule R for generation-skipping transfer tax.
10. Sign and file the form: Once you have completed all the required sections of form 706, sign the form and file it with the IRS along with any necessary attachments and payment of estate tax.

Who needs instructions for form 706?

1. Executors and administrators: Executors or administrators of an estate are responsible for filing form 706 if the decedent's gross estate exceeds the applicable estate tax exemption amount.
2. Individuals with large estates: Anyone with a significant estate should consult the form 706 instructions to understand the requirements and obligations for reporting and paying estate taxes.
3. Estate tax professionals: Estate tax professionals, including estate planning attorneys and accountants, often refer to the form 706 instructions to accurately complete the return on behalf of their clients.

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