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2017Estate Tax (Form 706) Michael O\'Leary, EA By The Book Taxes 2034345626 (M) 2037500789 (F) mikeo24×bythebooktaxes.net www.bythebooktaxes.netEstate Tax (Form 706)Estate Tax Exclusion continued

How to fill out 2017 estate tax form

How to fill out 2017 estate tax form

1. Step 1: Obtain the necessary tax forms. The 2017 estate tax form can be obtained from the Internal Revenue Service (IRS) website or by visiting a local IRS office.
2. Step 2: Gather all the required information. You will need information about the deceased person's assets, liabilities, and expenses. This may include bank statements, property documents, and other relevant documents.
3. Step 3: Determine if you need to file Form 706 or Form 706-NA. Form 706 is used for U.S. citizens and residents, while Form 706-NA is used for non-resident aliens. Choose the appropriate form based on your situation.
4. Step 4: Fill out the form accurately. Follow the instructions provided with the form to complete each section. Make sure to include all relevant information and calculations.
5. Step 5: Review and double-check your form. Ensure that all information is accurate and all required attachments are included. Mistakes or missing information may delay the processing of your form.
6. Step 6: Sign and date the form. Both the executor and the preparer (if applicable) should sign and date the form.
7. Step 7: Submit the form to the IRS. Make a copy of the filled-out form for your records and mail the original form to the address provided in the instructions. If you prefer, you may also submit the form electronically, if allowed by the IRS.
8. Step 8: Keep a copy of the submitted form and all supporting documents for your records. These documents may be needed for future reference or audits.
9. Step 9: Follow up on the status of your form. You can check the status of your submitted form by contacting the IRS or using their online tracking system.
10. Step 10: Seek professional help if needed. If you are unsure about how to fill out the form or have complex estate tax issues, it may be beneficial to consult a tax professional or attorney for guidance.

Who needs 2017 estate tax form?

1. The 2017 estate tax form is typically needed by executors of the estates of individuals who passed away in 2017 and met the filing requirements set by the IRS. It is specifically required for estates that have a gross value above the estate tax exemption amount, which was $5.49 million for individuals in 2017. If the estate meets these criteria, the executor needs to file the estate tax form to report and pay any estate taxes owed to the IRS.

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What is estate tax form 706?

Estate tax form 706 is a tax form used to report the value of a deceased person's estate and calculate any estate tax owed.

Who is required to file estate tax form 706?

The executor or personal representative of the deceased person's estate is required to file estate tax form 706 if the estate's value exceeds the federal estate tax exemption amount.

How to fill out estate tax form 706?

Estate tax form 706 must be completed with accurate information about the deceased person's assets, liabilities, deductions, and beneficiaries, and filed with the IRS.

What is the purpose of estate tax form 706?

The purpose of estate tax form 706 is to determine the value of a deceased person's estate and calculate any estate tax owed to the federal government.

What information must be reported on estate tax form 706?

Information required on estate tax form 706 includes details about the deceased person's assets, debts, gifts, and the distribution of their estate.