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2014Form MET 1 Rev. 06/15DO NOT WRITE IN THIS AREA USE THIS AREA FOR DATE STAMPSReference NumbersRevenue Administration Division P.O. Box 828 Annapolis, MD 214040828Comptroller: Register: MARYLAND

How to fill out alternate valuation

How to fill out alternate valuation

1. Step 1: Gather all necessary documents such as the deceased person's assets, liabilities, and financial records.
2. Step 2: Determine the date of death value for each asset by calculating its fair market value on the date of death.
3. Step 3: Subtract any outstanding liabilities or debts from the total value of the assets to get the net value.
4. Step 4: Fill out the required alternate valuation forms provided by the appropriate tax authority.
5. Step 5: Include all necessary supporting documents such as appraisals, valuations, and financial statements.
6. Step 6: Review the completed forms and documents to ensure accuracy and completeness.
7. Step 7: Submit the alternate valuation forms, along with all supporting documents, to the relevant tax authority.

Who needs alternate valuation?

1. Individuals who have recently experienced the death of a loved one and are responsible for handling the estate's tax matters.
2. Estate executors, administrators, or personal representatives who want to minimize the estate tax liability.
3. Families or beneficiaries who believe that the alternative valuation will result in a lower estate tax liability.
4. Tax professionals and attorneys who advise clients on estate planning and tax strategies.

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What is alternate valuation?

Alternate valuation is a method used to value assets in an estate based on their fair market value at a date six months after the date of the decedent's death.

Who is required to file alternate valuation?

The executor or administrator of an estate may choose to file for alternate valuation if it results in a lower estate tax liability.

How to fill out alternate valuation?

To fill out alternate valuation, the executor or administrator must provide a detailed list of assets and their fair market values as of the alternate valuation date.

What is the purpose of alternate valuation?

The purpose of alternate valuation is to potentially reduce the estate tax liability by valuing assets at a date when their values may have decreased.

What information must be reported on alternate valuation?

The alternate valuation report must include detailed descriptions of each asset being valued, their fair market values, and any relevant documentation supporting the valuations.