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Form 706 Corpus Christi Texas: What You Should Know
The executor of the decedent's estate must file the required formĀ by the deadline to satisfy the IRS reporting requirements. As a general rule, the executor will only be required to file theĀ prove-up-or-prove-yourself part of the form, if a final beneficiary is identified and a tax determination can beĀ made. The executor must include in these documents the facts on which the estate is based, including a complete description of the property which must beĀ present or the value of the decedent's estate will have to be reduced by the amount required to be shown on the FederalĀ Withholding Schedule to the decedent's estate (for example, a federal estate tax return isĀ required) and a copy of the Federal Estate Tax Return. (Note: If a federal return has not been filed by the executor,Ā the executor is responsible for showing that the decedent did not have a trust and that the assets of trust wereĀ determined in accordance with the law or regulation governing the trust.)Ā 706 Texas Ave, Corpus Christi, TX 78404 | realtor.com Is There a Deadline for the Executor of an Estate to File the Estate Tax Return? The IRS may extend the deadline for filing a final estate tax return or for submittingĀ certified statements of facts and figures as a condition for payment of the exemption amount (FormĀ 700) for an applicable year. In addition, the executor may not file his or her completed Form 700,Ā except in connection with an IRS examination. The executor must either submit a new filedĀ 700 by the expiration of the extension to the executor's mailing address, or must provide a statement toĀ the IRS indicating that a new filed 700 is not the executor's responsibility. The IRS can request thatĀ a final return of returns be filed for any year to assist the IRS in determining the amount of any taxĀ due under the tax code. 706 Texas Ave, Corpus Christi, TX 78404 | realtor.com Is the executor of an estate liable for tax on the estate property after the estate isĀ subject to the estate tax? No, the executor's liability for tax does not extend beyond the date of the estate tax filing.
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