Get the free Form 706 (Rev. August 2013) - Clark Skatoff, LLP

Form 706 (Rev. 8-2013) Decedent s social security number Estate of: Part 6 Portability of Deceased Spousal Unused Exclusion (DUE) Portability Election A decedent with a surviving spouse elects portability

How to fill out form 706 rev august

How to fill out form 706 rev august:

1. Gather all necessary information: Before starting the form, collect all relevant details such as the deceased person's full name, date of death, and Social Security number.
2. Determine the Executor: If you are the executor of the decedent's estate, you will be responsible for completing form 706 rev august. If someone else is the executor, they should be the one filling out the form.
3. Review the instructions: Familiarize yourself with the IRS instructions provided for form 706 rev august. These instructions will guide you through the entire process, ensuring you fill out the form correctly.
4. Complete the basic information: Begin by entering the decedent's personal information, including their name, address, Social Security number, and date of death. Make sure to double-check the accuracy of the details entered.
5. Determine the filing status: Choose the appropriate filing status for the estate, whether it is a resident or non-resident estate. Follow the instructions provided to determine the correct status.
6. Calculate the Estate Tax: The main purpose of form 706 rev august is to calculate the estate tax owed to the IRS. Carefully read and follow the instructions for calculating the taxable estate and determining the estate tax using the provided schedules and worksheets.
7. Include all necessary supporting documents and schedules: Depending on the estate's complexity, additional schedules and supporting documents may be required. Make sure to attach and reference all the necessary forms as indicated in the instructions.
8. Sign and date the form: Once you have completed filling out form 706 rev august, make sure to sign and date it as the executor or preparer. Again, review the instructions for any additional requirements or signatures needed.

Who needs form 706 rev august:

1. Executors of large estates: Form 706 rev august is generally required for estates valued over a certain threshold (as determined by the IRS). If you are the executor and the estate's value meets or exceeds the threshold, you will need to file this form.
2. Those with taxable gifts: If the decedent made taxable gifts during their lifetime and used their lifetime gift tax exemption, form 706 rev august may be necessary to report these gifts and calculate any applicable estate tax.
3. Individuals with a surviving spouse who elects to use the unused estate tax exemption: In some cases, a surviving spouse may decide to use the deceased spouse's unused estate tax exemption. In such situations, form 706 rev august is required to make this election and calculate the appropriately adjusted exemption.

Remember, it is always advisable to consult with a tax professional or an attorney experienced in estate planning and tax matters to ensure accurate completion of form 706 rev august and compliance with relevant tax laws.

For pdfFiller’s FAQs

What is form 706 rev august?

Form 706 rev august is a United States Internal Revenue Service (IRS) form used for reporting the values of a decedent's estate for federal tax purposes.

Who is required to file form 706 rev august?

Form 706 rev august must be filed by the executor of the estate of a deceased individual if the total value of the estate exceeds the filing threshold set by the IRS.

How to fill out form 706 rev august?

Form 706 rev august should be filled out by providing detailed information about the decedent's assets, liabilities, and deductions. It is recommended to seek the assistance of a tax professional or attorney when completing this form.

What is the purpose of form 706 rev august?

The purpose of form 706 rev august is to calculate the estate tax liability of a deceased individual's estate and report it to the IRS.

What information must be reported on form 706 rev august?

Information such as the decedent's assets, liabilities, deductions, and the fair market value of their estate must be reported on form 706 rev august.

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