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Instructions for Form 706 Department of the Treasury Internal Revenue Service (Rev. August 2014) For decedents dying after December 31, 2013, United States Estate (and Generation-Skipping Transfer)

How to fill out instructions for form 706

How to fill out instructions for form 706:

1. Begin by gathering all the necessary information and documents, such as the decedent's name, date of death, social security number, and a list of assets and liabilities.
2. Start filling out the form by providing the basic identifying information about the decedent, including their name, address, and date of death. Ensure accuracy and double-check the spelling of names and numbers.
3. Proceed to Section A of the form, which requires information about the executor or personal representative. Provide their name, address, and contact details. If there are co-executors, include their information as well.
4. Move on to Section B, where you will provide details about the decedent's estate. This includes the fair market value of assets, such as real estate, stocks, bonds, and personal property. It is important to accurately determine the value of each asset. Consult appraisers or financial advisors if necessary.
5. Complete Section C, which focuses on deductions. Include any allowable deductions, such as mortgages on real estate, debts, and administration expenses. Again, ensure accuracy and maintain proper documentation for each deduction.
6. Continue to Section D, where you will calculate the tentative tax on the estate. This involves applying the appropriate tax rates to the taxable estate calculated in Section B. The instructions will guide you through this calculation, so carefully follow the provided formula.
7. Proceed to Section E, which deals with the gift tax. If any gifts were made by the decedent during their lifetime that are subject to gift tax, provide the necessary information in this section.
8. Finally, complete the remaining sections of the form, ensuring that all required information is filled out accurately and completely. Review the form thoroughly before submission to avoid any errors or omissions.

Who needs instructions for form 706:

1. Executors or personal representatives who are responsible for administering the estate of a deceased individual.
2. Individuals who are required by law to file Form 706, such as those with a gross estate value exceeding the estate tax exemption amount.
3. Accountants, tax professionals, or attorneys who assist clients in preparing and filing estate tax returns.

Note: It is always recommended to seek professional advice or consult the official instructions provided by the Internal Revenue Service (IRS) when filling out Form 706, as tax laws and regulations may vary.

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What is instructions for form 706?

Instructions for form 706 provide guidance on how to complete and file the federal estate tax return.

Who is required to file instructions for form 706?

The executor of an estate is required to file instructions for form 706 if the decedent's estate meets certain criteria outlined by the Internal Revenue Service (IRS).

How to fill out instructions for form 706?

To fill out instructions for form 706, the executor must gather information about the decedent's assets, debts, and transfers made during their lifetime. They must then follow the instructions provided by the IRS to accurately complete the form.

What is the purpose of instructions for form 706?

The purpose of instructions for form 706 is to guide executors in reporting the value of an individual's estate and calculating any estate taxes owed to the IRS.

What information must be reported on instructions for form 706?

Instructions for form 706 require the reporting of assets, debts, transfers, and other relevant information related to the decedent's estate. This includes details on bank accounts, investments, real estate, and any other valuable assets.