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Form 706 for Austin Texas: What You Should Know

The IRS Form 706 is not a substitute for a separate valuation of the decedent's estate. To Benefit You and Others: To help you prepare for a federal estate tax return, your CPA will prepare a Form 706, Estate Tax Return Preparation Statement for You and Your Family. It is very important that you have this form completed and the information in it in order to receive the benefits of our excellent  filing services. What Is Form 706? Form 706 is a  one-page form that does not take much time to prepare (unless you require additional information). It can be used by executors, estate advisors or a CPA. It is an easy-to-use letter that summarizes the estate tax revenue for the year in which the decedent died, any gifts that may qualify to be excluded from the estate tax, and the percentage contribution.  The executor file this Form for beneficial owners of the estate, including the spouses, beneficiaries, and survivors who will benefit in the future. The executor prepares and sends this form through a certified or registered mail. Who Can Use Form 706? Anyone who is a beneficial owner and owns or has an interest in the decedent's real or personal property and who either does not have a financial interest, or has a qualified financial interest in the estate. A spouse is an individual who has the same residence as the decedent at the time of death. The decedent resided with a spouse on a permanent or indefinite basis for at least 183 consecutive days as of the date of death. A decedent's surviving spouse may also file this form, and must submit a separate Form 706 for their portion of the estate taxes owed. What to Know About Form 706 The decedent did not have a written will. We estimate that approximately 20 to 40 percent of decedent's estate will be taxed under Chapter 7, which is not taxable according to the provisions of the  Code. The decedent had a qualified financial interest which might include a principal residence, or an interest in stocks, bonds, or other investments.

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