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Modesto California Form 706: What You Should Know

The State receives 3 million because it is allowed to sell 10 million worth of the 2.5 million in real estate the State has assessed for the tax and  other property. This is a “gross excess valuation” and does not have to be reported on the State's federal return.  So, if Wife's federal return is not filed within 2 years of its deadline, Her total estate would be: 1.5 million, and she would  pay the death tax on the remaining 600,000 worth of property. Wife's state return would report the 5,000 worth of  grant money that the State receives for real estate it has assessed. As long as Wife files and timely files her state return, she would not owe a tax. If she does not file a state return within 2 years, then Her total estate would be: 2 million, and she would have to pay the death tax, on the remaining 3 million of property. If You have More Questions Call us at, and we will speak with you immediately.

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