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Hawaii Form 706: What You Should Know

If you are a federal tax return preparer or the executor for a federal estate, you need this form (706). It allows you to prepare an estate tax return (form 1040A or 1040EZ) or a federal estate tax return (form 706) depending on the number of people in the estate, if you need additional information. The amount of the federal estate tax or tax-free gift amount will change after Form 706 is filed with the IRS. If you need to know a specific amount when you file your federal estate tax return, you can use the IRS Form 8963 or follow the instructions for an information report by the Department of the Treasury. See Form 6203 for more details The United States government can collect and administer the estate tax if a valid death certificate is signed by a state department of tax or probate judge, and if the person has a valid United States Social Security number or other acceptable form of identification. The tax is in addition to all other federal, state, and local income or estate taxes owed by the living individual. Estate Income Tax. The federal estate tax is imposed on estates up to the exclusion amount (5.43 million) when the total value of taxable property to be distributed is 5.43 million or greater (Form 5038). The federal estate tax does not apply if the person has at least one surviving spouse or if the person has a registered domestic partner who is not a surviving spouse. The term 'estate' refers to all interests in property, real or personal, regardless of how they're acquired. Estate income and capital gain is only subject to federal tax to the extent that it is generated by a taxpayer's ownership of real property that is subject to a federal estate tax exclusion. If you received proceeds of the sale of real property of an exempt farm, the proceeds are exempt as long as the farm is operated by the taxpayers and the proceeds from the sale are used for the farm. What's included? The following are subject to federal estate tax exclusion: property that is: owned for life or for a long period of time, or owned for a period of years or for a particular period of years and not of a specific length Other rules might apply in an individual situation, but there is one set of rules that applies to all estates.

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