Get the free Form or-706

This document provides detailed instructions for the Form OR-706, which executors must use to determine and file the Oregon estate transfer tax for estates valued at $1,000,000 or more. It outlines filing requirements, deadlines, tax computation, payment instructions, and necessary documentation.

How to fill out form or-706

How to fill out form or-706

1. Gather all necessary financial documents and information, including details about the deceased's assets, liabilities, and any previous tax filings.
2. Begin filling out the form OR-706 by entering the decedent's information in the appropriate sections.
3. Report all real and personal property in detail, providing fair market values.
4. List all outstanding debts and expenses associated with the estate.
5. Calculate the taxable estate by subtracting liabilities from the total value of assets.
6. Complete the deduction sections by itemizing any deductions applicable to the estate such as funeral expenses and administrative expenses.
7. Ensure all estimates and valuations are accurate and substantiated with necessary documentation.
8. Review the completed form for accuracy and completeness before submission.
9. Submit the form along with any required documents to the appropriate tax authority by the filing deadline.

Who needs form or-706?

1. The estate of any deceased individual whose gross estate is subject to Oregon estate tax must file form OR-706.
2. Personal representatives or executors of the estate are required to complete and submit the form.
3. Beneficiaries of the estate may also need to be informed about the filing as it may affect their inheritance.

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What is form or-706?

Form OR-706 is the Oregon Estate Tax Return used to report the estate of a deceased person for tax purposes in the state of Oregon.

Who is required to file form or-706?

Any estate with a gross value exceeding the Oregon estate tax exemption threshold is required to file Form OR-706.

How to fill out form or-706?

To fill out Form OR-706, the executor or personal representative must provide details about the decedent's assets, liabilities, deductions, and calculate the estate tax owed, following the instructions provided with the form.

What is the purpose of form or-706?

The purpose of Form OR-706 is to determine the amount of estate tax owed to the state of Oregon after the death of an individual and to report the gross estate value.

What information must be reported on form or-706?

Form OR-706 requires reporting the decedent's name, date of death, gross estate value, liabilities, any deductions, and details of the taxable estate.