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Get the free Instructions for Form 706 (Rev. August 2013). Instructions for Form 706, United Stat...

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Schedule Example 1 In this example, alternate valuation is not adopted; the date of death is January 1, 2013. Item Number 1 2 Description Alternate Valuation Date Alternate Value at date of death
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How to fill out instructions for form 706

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How to fill out instructions for form 706

01
Start by gathering all the necessary information and documents required for filling out form 706.
02
Carefully read and understand the instructions provided by the Internal Revenue Service (IRS) for form 706.
03
Enter the decedent's personal information, such as name, address, Social Security number, date of death, etc., in the designated sections of the form.
04
Provide details about the decedent's property, including real estate, cash, investments, and any other assets.
05
Calculate the fair market value of the decedent's property and report it accurately on the form.
06
Deduct any allowable deductions, such as mortgages, debts, and expenses related to the property.
07
Follow the specific instructions for reporting any different types of property, such as jointly-owned property, life insurance proceeds, etc.
08
Compute the tentative tax on the estate by applying the appropriate tax rate to the taxable value of the estate.
09
Report any applicable credits or taxes paid, such as gift taxes, state taxes, etc.
10
Complete the required schedules and attachments according to the instructions provided.
11
Review the completed form and verify all the information for correctness and accuracy.
12
Sign and date the form before submitting it to the IRS.
13
Keep a copy of the completed form and all supporting documents for your records.

Who needs instructions for form 706?

01
Executors or administrators of the estate who are responsible for filing the estate tax return (form 706)
02
Individuals who have been named as representatives of the estate and are handling the financial affairs of the decedent
03
Tax professionals or accountants who provide services related to estate planning and tax compliance
04
Attorneys specializing in estate law who assist their clients in estate administration and tax matters
05
Beneficiaries or heirs of the estate who want to understand the filing requirements and potential tax implications
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Instructions for Form 706 provide guidance on how to complete and file Form 706, which is used to report the federal estate tax.
The executor of an estate is required to file Form 706 and follow the instructions provided.
Instructions for Form 706 should be carefully read and followed, filling out the form as indicated for reporting the necessary information.
The purpose of instructions for Form 706 is to assist executors in accurately reporting information related to the federal estate tax.
Instructions for Form 706 outline the information that must be reported, including details on the decedent's assets, deductions, and applicable tax calculations.
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