Get the free Form 706-NA (Rev. August 2008). United States Estate (and Generation-Skipping Transf...

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

How to fill out form 706-na rev august

How to fill out form 706-na rev august

1. First, gather all necessary information and documents such as personal details, financial information, and asset valuations.
2. Start by completing the general information section of the form, including the decedent's details, date of death, and executor information.
3. Proceed to fill out the schedule A section, which involves listing the decedent's real estate properties and their respective values.
4. Next, complete the schedule B section, which includes the decedent's stocks and bonds, providing details such as quantity, description, and fair market value.
5. Continue with the schedule C section, which accounts for the decedent's tangible personal property, such as artwork, jewelry, and vehicles.
6. Move on to schedule D part 1, where you need to report any specific bequests made by the decedent.
7. Then, complete schedule D part 2, which covers any property passing to a surviving spouse or charity.
8. Fill out schedule E if the decedent had any interests in partnerships or joint ventures.
9. If applicable, complete schedule F to report any foreign trusts or estates related to the decedent.
10. Finally, review the completed form, double-checking for accuracy and completeness before submitting it to the appropriate authority.

Who needs form 706-na rev august?

1. Form 706-NA Rev August is required to be filled out by the executor or personal representative of a nonresident decedent's estate if the estate meets certain criteria.
2. It is necessary for estates of non-U.S. citizens or non-U.S. residents who have owned property within the United States and had a gross estate value that exceeds the exemption amount set by the IRS.
3. The form is used to report the decedent's assets, calculate and pay any applicable estate taxes or generation-skipping transfer taxes.
4. It is also needed for the determination of any credits, deductions, and exclusions that may apply to the estate.
5. Consult with a tax professional or refer to the IRS guidelines to determine if Form 706-NA Rev August is necessary for a specific estate.

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