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FEE $706 .00 GST exempt 1/7/16 30/6/17 FORM No RMS2 v10 S.2 RIVER MURRAY PRESCRIBED WATERCOURSE Application to vary a Site Use Approval Pursuant to Section 164C of the Natural Resources Management

How to fill out fee 706

How to fill out fee 706:

1. Gather all necessary information and documents, such as the decedent's personal information, date of death, and estate assets and liabilities.
2. Identify the correct form to use. The federal estate tax return, also known as Form 706, is required for estates with a total gross fair market value exceeding the current exemption amount.
3. Begin by completing the general information section of Form 706, which includes the decedent's name, Social Security number, and date of birth.
4. Proceed to the executor's information section, where you will provide details about the person responsible for filing the return, including their contact information and relationship to the decedent.
5. Next, you will need to list the decedent's assets and liabilities in the appropriate sections of Form 706. This includes real estate, bank accounts, investments, business interests, debts, and any other relevant financial information.
6. Calculate the value of each asset as of the date of the decedent's death. This may require obtaining appraisals or using other valuation methods, depending on the nature of the asset.
7. Determine if any deductions or credits apply, such as charitable contributions, marital deductions, or losses. These can help reduce the taxable value of the estate.
8. Complete the computation section of Form 706, which calculates the estate tax due based on the taxable estate's value.
9. Sign and date the form, and make copies for your records. Keep in mind that you may need to include supporting documentation and attachments with the return, as outlined in the instructions.
10. Finally, submit the completed Form 706 to the appropriate IRS office by the due date, which is generally nine months after the decedent's date of death. Be aware of any required payments or extensions that may be necessary.

Who needs fee 706:

1. Executors or personal representatives of estates with a gross fair market value exceeding the current exemption amount are typically required to file Form 706.
2. The federal estate tax applies to estates that exceed a certain value threshold, which is subject to change. Therefore, if the decedent's estate falls below this threshold, Form 706 may not be necessary.
3. It is essential to consult with a qualified tax professional or estate attorney to determine if filing Form 706 is required in your particular situation. They can provide guidance based on the current tax laws and regulations governing estate taxation.

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What is fee 706?

Fee 706 is a form used to report transfers subject to the Federal estate tax under section 6018.

Who is required to file fee 706?

The executor of the estate of a deceased person is required to file fee 706.

How to fill out fee 706?

Fee 706 must be filled out accurately and completely with information regarding the estate assets and transfers.

What is the purpose of fee 706?

The purpose of fee 706 is to calculate and report the estate tax liability based on the transfers made by the deceased individual.

What information must be reported on fee 706?

Information such as the value of the estate assets, transfers made by the deceased individual, and any deductions or credits applicable must be reported on fee 706.