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Printable Form 706 Maine: What You Should Know

An individual may use the tax credit described below only if the total income received from all taxable sources is at least 500.00 for the filing tax filing period (July 1 – June 30), regardless of whether the deceased individual owns the non-taxable property or non-taxable income. 2 In Louisiana, the 500 total property owned requirement does not begin on January 1 and end on June 30. Individuals may use the Louisiana tax credit to claim up to a 500 in property tax credit for each of the first 4 tax liability periods ending on or before the last day of the last income tax period ending before the last day of the first 500th tax credit amount. 3 An individual may use the Louisiana estate tax credit in any one of the five tax year ending tax payment periods listed in the schedule: January 1 to December 31. 4 If an estate includes more than one tax liability period (January 1 to December 31) then all tax liability periods are required to be filed with the estate tax return. 5 Estate tax rates for 2023 1 If you can provide documentation that demonstrates proof of any individual income, that person's spouse, or children were the sole taxpayers (or if a tax payment due is not filed on time or the balance due is more than 2 weeks overdue due to a collection), you should submit the documents for their consideration. 2 It is recommended that estates use a valid Social Security Number (SSN) to file their federal estate tax return. The estate information may be processed faster if you use an SSN rather than a valid birthdate. 3 Estate tax amounts for individuals are based on the total federal estate tax paid, so if any individual's federal estate tax due is less than 10,000 on each estate, no amount may be claimed. 4 An estate may use the credit on a total estate tax return or for one of the five tax year-ending payment periods listed in the table below (January 1 to December 31). The credit is not available for persons who are deceased at the time of filing. 5 The maximum amount of Louisiana estate tax credit allowable is 500. L.R. No. 1220, as introduced September 2014; L.R. No. 2857, as introduced May 2016. 6 A deduction on Form 706 is available for property purchased over 5 years before January 1 (or 6 years before December 31).

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