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Rev. 9/11 Massachusetts Form M706 Massachusetts Estate Tax Return Department of Revenue For every estate with date of death on or after January 1, 2003. Decedents first name and middle initial Last
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How to fill out form m-706 massachusetts estate

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How to fill out form m-706 massachusetts estate

01
Step 1: Obtain the necessary form. You can find form M-706 Massachusetts Estate on the official website of the Massachusetts Department of Revenue or at your local tax office.
02
Step 2: Gather all the required information. You will need details about the deceased person's assets, liabilities, and beneficiaries.
03
Step 3: Start filling out the form. Begin with providing the basic information such as the decedent's name, date of death, and social security number.
04
Step 4: Proceed with reporting the decedent's assets. This includes real estate, bank accounts, investments, and any other valuables.
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Step 5: Report the decedent's liabilities. This includes any outstanding debts, mortgages, or loans.
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Step 6: Determine the taxable estate by subtracting the allowed deductions and exemptions from the total value of the assets.
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Step 7: Calculate the estate tax owed based on the taxable estate value and the applicable tax rates.
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Step 8: Complete the remaining sections of the form, including providing information about the executor or administrator of the estate.
09
Step 9: Review the form for accuracy and completeness. Double-check all the entries before submitting it.
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Step 10: Submit the completed form M-706 to the Massachusetts Department of Revenue along with any required supporting documents.

Who needs form m-706 massachusetts estate?

01
Form M-706 Massachusetts Estate is needed by individuals who are responsible for handling the estate of a deceased person who had assets located in Massachusetts.
02
It is required for the executor or administrator of the estate to accurately report and pay any applicable estate taxes to the Massachusetts Department of Revenue.
03
Anyone who is in charge of settling the affairs of a deceased person and meets the criteria set by the state of Massachusetts may need to fill out this form.
04
It is advisable to consult with a tax professional or attorney to determine if Form M-706 is necessary in your specific situation.
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Form M-706 is a Massachusetts Estate Tax Return that must be filed for estates of decedents who were residents of Massachusetts or owned real estate or tangible personal property located in Massachusetts.
The executor or administrator of the estate is required to file Form M-706 Massachusetts Estate Tax Return.
Form M-706 Massachusetts Estate Tax Return should be completed with accurate information regarding the decedent's assets, liabilities, and deductions.
The purpose of Form M-706 Massachusetts Estate Tax Return is to report and pay any estate tax owed to the state of Massachusetts.
Information such as the decedent's assets, deductions, liabilities, and beneficiaries must be reported on Form M-706 Massachusetts Estate Tax Return.
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