Get Instructions For Form 706 Department Of The Treasury Internal Revenue Service (rev - Irs

Filling out Form 706 can be a complex process, especially for individuals who are inexperienced with legal documents. This comprehensive guide aims to provide clear, step-by-step instructions tailored to users' needs, ensuring that you can fill out this critical form accurately and efficiently.

Follow the steps to successfully complete Form 706.

1. Click the 'Get Form' button to obtain the form and open it in the editing tool.
2. Review the purpose of Form 706, which is used to calculate estate and generation-skipping transfer taxes due on the taxable estate after the decedent's death.
3. Identify which estates must file Form 706, specifically those with a gross estate exceeding $5,340,000 or those electing to transfer the Deceased Spousal Unused Exclusion (DSUE) amount.
4. Complete Part 1 by entering the decedent's and executor's information, including the Social Security number, names, and addresses.
5. Move to Part 2 for the tax computation. Ensure you follow the unified rates schedule provided in the instructions.
6. Proceed to Part 3 to make any elections necessary by the executor, carefully indicating any decisions regarding alternate valuation or special-use valuation.
7. Continue through Parts 4 to 6, entering detailed information about property schedules, elections, and deductions as applicable.
8. Review the checklist to ensure all necessary attachments and information are included, such as appraisals, the decedent's will, and Form 712 for life insurance.
9. Sign the return and ensure any preparers or representatives also provide their signatures.
10. Once completed, submit the form according to your chosen filing method, ensuring all sections are filled accurately, even if some entries are zero.

Start preparing your Form 706 online today to ensure compliance and accurate processing.