Get the free Form 706 (Rev. July 1998). United States Estate (and Generation-Skipping Transfer) T...

Instructions for Form 706. (Revised July 1998). United States Estate (and Generation-Skipping. Transfer) Tax Return. For decedents dying after December 31, ...

How to fill out form 706 rev july

How to fill out form 706 rev july

1. Read the instructions: Before filling out form 706 rev july, it is important to thoroughly read and understand the provided instructions.
2. Gather necessary documents: Collect all the required documents such as asset valuations, income information, and estate tax computation worksheets.
3. Start with the decedent's information: Fill out the decedent's name, Social Security number, and date of birth.
4. Provide information about the executor: Enter the executor's name, address, and Social Security number.
5. Complete the Gross Estate section: Include all assets owned by the decedent at the time of their death, such as real estate, bank accounts, investments, and personal property.
6. Calculate the values of assets: Determine the fair market value of each asset and enter it in the appropriate column.
7. Include deductions and expenses: Subtract any allowable deductions, expenses, and losses from the gross estate to arrive at the taxable estate.
8. Determine the estate tax: Use the provided formula to calculate the estate tax applicable to the taxable estate.
9. Fill out the Schedule A: This section contains details about real estate.
10. Complete Schedule B: Provide information about stocks, bonds, and other investments.
11. Provide additional information: If required, attach any additional sheets providing more details about specific assets or calculations.
12. Review and sign the form: Carefully review all the information provided and sign the form.
13. Keep a copy: Make sure to keep a copy of the completed form 706 rev july for your records.

Who needs form 706 rev july?

1. Individuals who are acting as executors or personal representatives of a deceased person's estate may need to file form 706 rev july.
2. Form 706 rev july is typically required to be filed by estates with a gross value exceeding the estate tax exemption amount set by the IRS.
3. Those who need to calculate and report any federal estate tax owed will need to fill out form 706 rev july.
4. It is recommended to consult with a tax professional or estate attorney to determine if filing form 706 rev july is necessary in your specific situation.

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