Get the free Form 706 (Rev. July 1998). United States Estate (and Generation-Skipping Transfer) T...
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Instructions for Form 706. (Revised July 1998). United States Estate (and Generation-Skipping. Transfer) Tax Return. For decedents dying after December 31, ...
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How to fill out form 706 rev july
How to fill out form 706 rev july
01
To fill out Form 706 Rev July, follow these steps:
02
Begin by entering your personal information at the top of the form, including your name, Social Security number, and address.
03
Provide details about the decedent, such as their name, date of death, and relationship to you.
04
Indicate whether the decedent was a U.S. citizen or resident at the time of death.
05
Proceed to Part 1 and enter the gross estate value, which includes the total value of all the decedent's assets at the time of death.
06
Move on to Part 2 and report any deductions related to the estate, such as funeral expenses, debts, and mortgages.
07
Complete Part 3 by calculating the taxable estate, which is the gross estate minus the deductions.
08
Determine the tentative tax on the taxable estate in Part 4.
09
Take into account any credits that may apply in Part 5, such as the unified credit for gift and estate taxes.
10
Calculate the net estate tax due by subtracting the credits from the tentative tax in Part 6.
11
Finally, fill out the remaining sections of the form, including signatures and any additional explanations or schedules required.
12
Review the completed form for accuracy and ensure all necessary attachments are included.
13
Submit the form to the appropriate IRS office as instructed in the form's instructions.
14
Note: It is highly recommended to seek professional advice from a tax attorney or accountant when filling out Form 706 Rev July to ensure compliance with tax laws and regulations.
Who needs form 706 rev july?
01
Form 706 Rev July is needed by individuals who are responsible for reporting and paying estate taxes.
02
Specifically, it should be filled out by the executor or administrator of an estate if the total value of the decedent's assets, combined with any taxable gifts made during their lifetime, exceeds the applicable federal estate tax exemption amount.
03
The form helps determine the estate tax liability and is required to be filed within nine months after the date of death.
04
It is important to consult with a tax professional or refer to the IRS website for specific eligibility criteria and filing requirements.
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