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Printable Form 706 San Diego California: What You Should Know

How a Wife's Estate Works (IRS Form 706) If a spouse doesn't file a Form 706 and the value of the adjusted gross estate is less than the basic exclusion amount, then he/she is eligible for exemption from income taxes up to the estate tax exclusion amount. How the Value of the Estate Grows Before the Death The value of a spouse's estate is equal to the taxable value of any property or services provided by the deceased. If there are children of the decedent (e.g., children of the wife of the surviving spouse), they are excluded. The value of any other assets of a deceased spouse is excluded unless the assets are part of the surviving spouse's trust or are to be distributed to a surviving spouse's surviving spouse or a designated beneficiary. Example: If a couple has 1 thousand in taxable gifts between them and both have a taxable estate of 3 million and 1000 of taxable gifts to each other were placed in the “other” category, there is 100,000 in taxable gifts which were distributed to the husband's surviving children who are not identified in the “Other” category. The remaining 500 of gifts are not subject to tax. Note: The value of the gross estate, together with the value of the gross income from all sources, is determined by the formula: Gross Estate = Gross Income (not including taxable gifts) + Gift Taxes Example: G&A, 500K, 250K taxable gifts to each spouse, plus 50K in taxable real estate in partnership account, and 1K in stock in a limited liability company. The total value of the spouse's assets is 600,000, and G&A 450,000. The married couple gets an income-tax break. Example: The G&A is the combined gross estate. All gifts between spouses are excluded. Gifts or income from any partnership account with a value of zero (0% taxable) are excluded. Dividends 600 per year to a surviving spouse of the first wife are excluded, except from dividends received during the year or interest received from a life insurance policy. Gift taxes on life insurance policy are 500 per year, and dividends from a life insurance policy are taxed at a rate of 2.

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