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Video instructions and help with filling out and completing Form 706 vs. Form 706-na

Instructions and Help about Form 706 vs. Form 706-na

Everyone my name is jim baker from montanbaker tax consultants and i just had an interesting case this week a non-resident who owned in a house in florida passed away and if you're not aware of it there is an estate tax for um was an estate tax for everyone but for non-residents the exemption is only 60 000 for residents for you and me and people that live here residents and citizens of the us the estate tax exemption is 5 million dollars so you don't have to file know about pay about uh pay pay anything unless your estate and all your assets are worth over five million dollars when you die but for a non-resident if you are from chile or from brazil and you have a house here and it's worth more than sixty thousand dollars and it's not held in any kind of entity or you just own it there's an estate tax to pay when you die this uh there should be some planning that goes into this before you uh actually before you buy the property and before you die but um regardless we're gonna pretend no planning was done and i'm just gonna go over some basics of the forms that you have to file and how the forms get filed so the 706 is the estate tax form this is a 706 united states generation skipping transfer tax return a state tax return so the 706 is the basic estate tax return for everyone which uh for u.s citizens are the very uh one percent over five million dollars of the state there's a lot of sub schedules where you list all the details real estate this is the 2032 a valuation agreements evaluations there's just a lot of sub schedules...

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