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SCHEDULE R1 (Form 706) Generation Skipping Transfer Tax (Rev. July 1999) Department of the Treasury Internal Revenue Service Direct Skips From a Trust OMB No. 15450015 Payment Voucher Executor: File

How to fill out form 706

How to fill out form 706

1. Read the instructions carefully before filling out form 706.
2. Gather all the necessary information and documents such as the decedent's personal information, assets, and liabilities.
3. Start by providing the basic information about the decedent and the estate on form 706.
4. List all the assets owned by the decedent and their respective values.
5. Include any debts or liabilities of the decedent on the form.
6. Calculate the taxable estate by subtracting allowable deductions from the total value of the assets.
7. Fill out the schedules and attachments required based on the specific circumstances of the estate.
8. Double-check all the entered information, calculations, and supporting documents for accuracy.
9. Sign and date the form, and ensure any required additional forms or schedules are attached.
10. Submit the completed form 706 to the appropriate tax authority within the specified time frame.

Who needs form 706?

1. Form 706 is required to be filled out by the executor or personal representative of an estate if the gross value of the estate plus adjusted taxable gifts exceeds the estate tax exemption amount in a given tax year.
2. Individuals who are responsible for administering the estate of a deceased person and determining if estate taxes need to be paid should consider filing form 706.
3. Certain trusts that have made taxable distributions or have specific powers may also require form 706 to be filed.
4. It is recommended to consult with a tax professional or an estate planning attorney to determine if form 706 is necessary in a particular situation.

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What is form 706?

Form 706 is the United States Estate (and Generation-Skipping Transfer) Tax Return.

Who is required to file form 706?

Individuals who have a gross estate that exceeds a certain threshold set by the IRS are required to file form 706.

How to fill out form 706?

Form 706 must be completed with accurate information about the deceased individual's estate, assets, liabilities, and transfers during their lifetime.

What is the purpose of form 706?

The purpose of form 706 is to calculate and report the estate tax liability owed by the deceased individual's estate.

What information must be reported on form 706?

Information such as the decedent's personal details, property owned at the time of death, transfers made during their lifetime, and applicable deductions and credits must be reported on form 706.