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Contra Costa California Form 706: What You Should Know

West Oakland, CA 94601. If an executor chooses to file an estate tax return, an executor must file Form 706 with the executor's local county clerk office. To qualify for a tax deduction, the executor must provide certain documents that specify the assets to be transferred into trust. The executor must report these assets on Form 706 and state that the amount transferred will be applied to the estate tax payments, and to any income tax liability. If an executor cannot get these documents from the executor's prior spouse, then those documents from the executor's spouse may also be required.  An executor must follow all IRS rules. For a list of requirements, refer to the IRS website. This is also what the executor must provide on Form 706 from the estate of the decedent. (Note: The executor must be able to identify the decedent's property to be included, since most will be transferred during the first 6 months after the decedent's death. This requires an executor to know the value of all assets transferred to the trust.) If the executor is required to file Form 706, he must file it within 60 days of the date the estate tax return for the decedent was filed or within 60 days after the executor has made certain payments to the IRS, depending on the type of report on Form 706 to be filed. The executor does not need to file one if the decedent's account had no estate tax liability and is exempt from income tax. For additional information on estate tax and how to file tax returns, refer to IRS Publication 3, Survivors & Executors. For additional information on how to prepare a decedent's estate tax return, visit . If the executor is not required to file Form 706 with the local county clerk's office, you may submit your own estate tax return within 6 months after you learn the assets you intend to transfer are taxable, or within 6 months after the transfer has occurred. This process is best done in person by having two executors, one from each spouse, sign a Form 706 together and file it together. An executor should provide a certified copy of the will and the final decree and an itemized list of income and gain for each asset transferred. Dec 31, 1981 — Form 706 must be filed by the executor in the county where the property will be transferred.

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