Get the free Instructions for Form 706 (Rev. August 2014) - IRS.gov - irs

Caution: DRAFT NOT FOR FILING This is an early release draft of an IRS tax form, instructions, or publication, which the IRS is providing for your information as a courtesy. Do not file draft forms.

How to fill out instructions for form 706

How to fill out instructions for form 706:

1. Start by gathering all the necessary information and documents. This includes the decedent's personal and financial details, as well as any relevant estate planning documents.
2. Begin filling out the form by providing the decedent's name, date of death, and social security number. Make sure to double-check the accuracy of this information.
3. Proceed to complete Part 1 of the form, which asks for general information about the decedent's estate. This includes details about the executor, the estate's value, and any prior transfers subject to tax.
4. Move on to Part 2, which requires you to report the decedent's property. This includes listing assets such as real estate, bank accounts, investments, business interests, and any life insurance policies.
5. Provide accurate valuations for each asset listed in Part 2. This may require professional appraisals or expert advice, especially for complex assets or those with fluctuating market values.
6. Complete Part 3, which involves reporting deductions and expenses related to the estate. This can include funeral expenses, debts owed by the decedent, administrative costs, and any charitable contributions.
7. Consider consulting an attorney or tax professional for guidance with completing Part 4 of the form. This section pertains to calculating the estate tax, factoring in applicable deductions, credits, and exemptions.
8. Review the form thoroughly to ensure accuracy and completeness. Mistakes or omissions can lead to delays or issues with the estate administration process.

Who needs instructions for form 706?

1. Executors or administrators of estates that exceed the federal estate tax exemption amount are typically required to file form 706. The exemption amount is subject to change, so it is important to consult the IRS guidelines or seek professional advice.
2. Individuals who are responsible for handling the tax affairs of a deceased person's estate and are unfamiliar with the form 706 may need instructions to properly navigate the filing process.
3. Estate planning professionals, such as attorneys, CPAs, or tax advisors, may also refer to the instructions for form 706 to ensure compliance with tax laws and to properly advise their clients.

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What is instructions for form 706?

Instructions for form 706 provide guidance on how to complete and file the United States Estate (and Generation-Skipping Transfer) Tax Return.

Who is required to file instructions for form 706?

Executors of estates of decedents with a gross estate and adjusted taxable gifts exceeding the basic exclusion amount.

How to fill out instructions for form 706?

Instructions for form 706 should be followed carefully to accurately report the estate assets, deductions, and tax calculations.

What is the purpose of instructions for form 706?

The purpose of instructions for form 706 is to ensure that the correct amount of estate tax is calculated and paid to the IRS.

What information must be reported on instructions for form 706?

Information about the decedent's gross estate, deductions, credits, and tax liability must be reported on instructions for form 706.