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TN Form 706: What You Should Know

Second, if you live in state or local governments or even city governments, file the estate tax return in your county instead of state or local.  It is important to know that the estate tax returns for the years after you die are not considered final. They are sent to the IRS in two stages. First, you have two choices: you can send one copy the Form 706 to the IRS or mail the return to the IRS. Second, you can have the taxes deducted from your gross income and pay the tax to your heirs before the IRS gets a copy of the return. The IRS will send you an “additional 706” to your bank account for your tax debt.  For additional help with estate-tax forms,  visit the website of Wills, Trusts and Estates in North Texas at , or contact the North Texas Estate Planning Section at or. The Estate Tax and State and Local Government Taxes If you own real estate in Texas, you may be subject to various types of property taxes. In general, property taxes are levied on individual residences, including:  · Private residence : Property that is owned individually by you (the property is owned by you alone); or · Business residence (for individuals and corporations): Property that is primarily used in the trade or business of owning real estate. In Texas, a home, regardless of the type of residence, is taxable at the same rates as other commercial property. If you own the home and have rented or leased it to someone during the past year or will be renting it out for the next year, it is important that you file an appraisal with the tax collector. The appraisal includes the market value of the home and any improvements. The appraisal will serve to establish the property tax rates and amounts owed. The appraisal is not required for a homeowner who has purchased a used home and rents it out for the next year.

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