Get the free Form 706 (Rev 8-02)

Perfect Form 5.2 Form 706 (Rev 8-02) Additional room here for extra long name Estate of:Full name of decedent SCHEDULE B Stocks and Bonds (For jointly owned property that must be disclosed on Schedule

How to fill out form 706 rev 8-02

How to fill out form 706 rev 8-02:

1. Begin by gathering all the necessary information and documents. This includes the decedent's date of death, assets and liabilities, as well as any transfers made during their lifetime.
2. Section A: Provide the decedent's personal information, including their full name, address, and social security number.
3. Section B: Enter the executor's or personal representative's information, including their name, address, and contact details.
4. Section C: Indicate whether the decedent was a U.S. citizen or resident at the time of their death.
5. Section D: List any property included in the gross estate, such as real estate, bank accounts, stocks, bonds, and life insurance proceeds.
6. Section E: Deductions and credits. This section allows you to claim various deductions and credits, such as funeral expenses, debts of the decedent, and charitable contributions.
7. Section F: Calculate the tentative tax and applicable credits. This step involves determining the applicable tax rate based on the value of the gross estate and subtracting any applicable credits.
8. Section G: Report any prior transfers made by the decedent and calculate the cumulative tax on prior transfers.
9. Section H: Calculate the net estate tax by subtracting the cumulative tax on prior transfers from the tentative tax.
10. Section I: Enter the amount of the unified credit and applicable tentative tax.
11. Section J: Determine the estate tax due by subtracting the unified credit from the applicable tentative tax.
12. Section K: Enter the amounts of gift taxes paid by the decedent during their lifetime.
13. Section L: Calculate the total estate and gift taxes paid by subtracting the gift taxes paid from the estate tax due.
14. Section M: Provide information regarding the distribution of the decedent's assets and any specific bequests.

Who needs form 706 rev 8-02:

The form 706 rev 8-02 is required for individuals who are responsible for filing the federal estate tax return on behalf of a deceased individual. This includes executors, administrators, and personal representatives who are in charge of settling the estate and have been appointed by the probate court. It is crucial to consult with a tax professional or attorney to determine if filing this form is necessary based on the value of the estate and applicable tax laws.

For pdfFiller’s FAQs

What is form 706 rev 8-02?

Form 706 rev 8-02 is a United States Internal Revenue Service form used for reporting the value of an estate's assets after a person's death.

Who is required to file form 706 rev 8-02?

Form 706 rev 8-02 is required to be filed by the executor of an estate if the total gross estate exceeds a certain threshold set by the IRS.

How to fill out form 706 rev 8-02?

Form 706 rev 8-02 must be completed by providing detailed information about the decedent, the property included in the estate, the deductions and credits being claimed, and the calculation of estate tax owed.

What is the purpose of form 706 rev 8-02?

The purpose of form 706 rev 8-02 is to determine the estate tax liability owed by an estate based on the total value of the assets in the estate.

What information must be reported on form 706 rev 8-02?

Information that must be reported on form 706 rev 8-02 includes the decedent's personal information, a detailed list of assets and their values, any deductions or credits being claimed, and calculations for the estate tax owed.

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