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Caution: DRAFT FORM This is an advance proof copy of an IRS tax form. It is subject to change and OMB approval before it is officially released. You can check the scheduled release date on our website
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How to fill out form 706 page 1

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How to fill out form 706 page 1

01
Read the instructions carefully.
02
Gather all the necessary information and documentation.
03
Start by filling out the personal information section, including the decedent's name, social security number, and date of death.
04
Move on to the executor section and provide the required details.
05
Complete the schedule A section, which deals with real estate.
06
Proceed to the schedule B section for stocks and bonds.
07
Fill out schedule C for cash, bank accounts, and other assets.
08
Provide information about additional assets and liabilities in schedule D.
09
Complete the recapitulation section, summarizing all the values.
10
Review the entire form for accuracy and completeness before signing and dating it.
11
Submit the form according to the instructions provided.

Who needs form 706 page 1?

01
Form 706 page 1 is needed by individuals who are responsible for filing a federal estate tax return.
02
This form is specifically for reporting the gross estate and any deductions related to the estates of US citizens or residents.
03
It must be filed by the executor or administrator of the estate if the gross estate's value exceeds the estate tax exclusion amount set by the Internal Revenue Service (IRS).
04
Other parties who may need to file form 706 page 1 include surviving spouses who want to elect portability of the deceased spouse's unused exclusion amount.
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Form 706 page 1 is the U.S. Estate (and Generation-Skipping Transfer) Tax Return.
Individuals who have estates with a total gross value above a certain threshold are required to file form 706 page 1.
Form 706 page 1 can be filled out by providing detailed information about the decedent, their assets, deductions, and any applicable taxes.
The purpose of form 706 page 1 is to calculate and report the estate tax owed on the decedent's estate.
Information such as the decedent's personal information, asset values, deductions, and applicable taxes must be reported on form 706 page 1.
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