Get the free Estate Tax (Form 706). The unified credit ... - Dan Gefroh, CPA

Estate Tax (Form 706). The unified credit provided an effective exemption from federal estate tax of $3,500,000 of net worth for decedents dying in 2009 ($2,000,000 in 2006, 2007, & 2008). For 2010,

How to fill out estate tax form 706

How to fill out estate tax form 706:

1. Begin by gathering all necessary information such as the date of death and the decedent's social security number.
2. Complete the general information section which includes providing the decedent's name, address, and filing status.
3. Calculate the gross estate by adding up all the assets owned by the decedent at the time of death, including real estate, investments, and personal property.
4. Deduct any allowable deductions such as mortgages, funeral expenses, and debts owed by the decedent.
5. Calculate the taxable estate by subtracting the total deductions from the gross estate.
6. Determine the tentative estate tax by applying the appropriate tax rate to the taxable estate.
7. Report any prior gifts made by the decedent and apply the applicable unified credit.
8. Calculate the estate tax due by subtracting the unified credit from the tentative estate tax.
9. Complete the payment section by providing information on how the estate tax will be paid.
10. Sign and date the form before mailing it to the appropriate IRS office.

Who needs estate tax form 706:

1. The estate tax form 706 is required to be filed by the executor or administrator of the estate of a deceased individual who had a gross estate that exceeds the estate tax exemption amount set by the Internal Revenue Service (IRS).
2. It is also necessary to file this form if the decedent made taxable gifts during their lifetime that, when combined with their gross estate, exceed the exemption amount.
3. Additionally, some states may require the filing of a state estate tax return that is similar to the federal form 706, so it is important to check the specific state's requirements to determine if it is necessary.

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What is estate tax form 706?

Form 706 is the United States Estate (and Generation-Skipping Transfer) Tax Return, which is used to report the value of an individual's estate for tax purposes.

Who is required to file estate tax form 706?

The executor of an estate is required to file Form 706 if the gross estate of the deceased person exceeds a certain threshold set by the IRS.

How to fill out estate tax form 706?

Form 706 should be completed carefully, following the instructions provided by the IRS. It requires detailed information about the assets and liabilities of the deceased person's estate.

What is the purpose of estate tax form 706?

The purpose of Form 706 is to calculate the estate tax liability owed by the estate of a deceased person.

What information must be reported on estate tax form 706?

Information such as the value of assets owned by the deceased person, debts owed by the estate, and any deductions or credits available must be reported on Form 706.