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The document provides detailed instructions for completing Form 706, the United States Estate (and Generation-Skipping Transfer) Tax Return, applicable for decedents dying after December 31, 2019. It outlines the purpose of the form, filing requirements, executor responsibilities, and various schedules to report estate assets and deductions. Key topics include general instructions, tax computation, elections by the executor, penalties for late filing or inaccuracies, and specific instructions for reporting different types of property such as real estate, stocks, bonds, insurance policies, and debts. The document also discusses portability of the deceased spousal unused exclusion (DSUE) amount and provides guidelines for claiming credits for foreign death taxes and tax on prior transfers.

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What expenses are deductible on form 706?

General. Funeral expenses. Executors commissions. Attorney fees. Interest expense. Miscellaneous expenses.

What is the exemption limit?

For an individual below 60 years of age, the basic exemption limit is of Rs 2.5 lakh. For senior citizens (aged 60 years and above but below 80 years) the basic income exemption limit is of Rs 3 lakh. For super senior citizens (aged 80 years and above), the basic income exemption limit is Rs 5 lakh.

What is the exclusion amount for Form 706?

An estate tax return, also known as IRS Form 706, is required when the total value of the decedents estate exceeds the federal estate tax exemption. In 2023, for example, if the total value of the estate is more than $12.92 million, an estate tax return must be filed.

What are the filing requirements for the estate tax return 706 )?

Do all estates have to file Form 706? No, not all estates need to file Form 706. Only estates with gross assets and prior taxable gifts exceeding the annually determined exemption amount are required to file this form. For 2023, this threshold is set at $12.92 million, or $13.61 million in 2024.

What is the exemption amount for form 706?

Form 706 must be filed by the executor of the estate of every U.S. citizen or resident: Whose gross estate, adjusted taxable gifts, and specific exemptions total more than the exclusion amount: $12.92 million for decedents who died in 2023 ($13.61 million in 2024), or3.

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What is the exclusion amount for 2024?

The annual exclusion from gift tax (i.e. the amount that may be gifted annually to individuals without tax consequence) has increased from $17,000 to $18,000 per recipient for 2024.

Who signs 706 if there is no executor?

Who signs Form 706, Federal Estate Tax Return? If there is an administration of the Estate of a Decedent, the Personal Representative of the Decedents Estate is the proper party to sign the return.

Does every estate have to file a form 706?

An estate tax return (Form 706) must be filed if the gross estate of the decedent (who is a U.S. citizen or resident), increased by the decedents adjusted taxable gifts and specific gift tax exemption, is valued at more than the filing threshold for the year of the decedents death, as shown in the table below.

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What expenses are deductible on form 706?

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What is the exemption amount for form 706?

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