What is 706 Form?
706 Form, also known as the United States Estate (and Generation-Skipping Transfer) Tax Return, is a crucial document used to report the transfer of property from a deceased individual to their beneficiaries. This form is required by the Internal Revenue Service (IRS) to calculate and pay the estate tax.
What are the types of 706 Form?
There are three main types of 706 Form, which are as follows:
Form 706-NA: This form is used for reporting the transfer of property located in the United States by non-resident non-citizens.
Form 706-A: This form is used to report any taxable gifts made by the deceased individual during their lifetime.
Form 706-GS(D): This form is used to report any generation-skipping transfers that are subject to the generation-skipping transfer tax.
How to complete 706 Form
Completing the 706 Form may seem like a daunting task, but with the right guidance, it can be simplified. Here are the steps to complete the form:
01
Gather all the necessary information and documentation, including details about the deceased individual's assets, debts, and transfers made during their lifetime.
02
Fill out the form accurately, providing all the required information in the appropriate sections. Be sure to double-check for any errors or omissions.
03
Calculate the estate tax by following the instructions provided in the form's guidelines. This may involve determining the value of the estate and applying the applicable tax rates.
04
Attach any supporting documentation, such as appraisal reports or valuations, as required by the IRS.
05
Review the completed form and supporting documents to ensure everything is accurate and complete.
06
Submit the form and any required payments to the IRS by the designated deadline.
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