"EstateVal has been trusted for over thirty years to produce the best pricing for IRS Form 706
Schedule B reports, by trust departments, probate referees, and hundreds of other tax professionals," said EVP Systems founder and president, Michael A.
To find specific guidelines on how to secure an acceptable fair market value (FMV) for estate and inherited basis purposes, many refer to the instructions for Form 706
, United States Estate (and Generation-Skipping Transfer) Tax Return.
Estate Tax Returns: The Form 706
instructions require estate tax returns filed through June 30, 2019, to use this address: Department of the Treasury: Internal Revenue Service Center: Cincinnati, OH 45999.
citizens and residents, as defined in the instructions for Form 706
, United States Estate (and Generation-Skipping Transfer) Tax Return, are allowed to claim a credit against their U.S.
Thus, many estates have not owed this tax, and many executors have not filed a Form 706
federal estate tax return.
Form 8971 and Schedule(s) A generally must be filed with the IRS no later than the earlier of 1) the date that is 30 days after the date on which Form 706
or 706-NA is required to be filed (including extensions); or 2) the date that is 30 days after the date that the Form 706
or 706-NA is actually filed.
Even if no estate tax is due upon the death of a first-to-die spouse, the executor of the estate must elect portability by filing an estate tax return on Form 706
within nine months of death.
This return, 1RS Form 706
, United States Estate (and Generation-Skipping Transfer) Tax Return, is required only if the value of the decedent's estate assets, plus any lifetime taxable gifts, exceeds the relevant estate tax exemption.
Heretofore, after someone's estate has filed Form 706
, which is used to figure the decedent's estate tax, the IRS has sent a closing letter to signal the filing has been accepted and that federal tax liabilities have been satisfied.
First, if the estate plan establishes a trust that uses any portion of a deceased spouse's estate tax credit, then the only way to take advantage of Portability is to file a detailed Form 706
and provide in-depth valuation information on all of the assets going into that trust.
The lifetime gift exemption amount is considered to be an "adjusted taxable gift" and is added back (recapitulated) into the taxable estate amount at death on Line 4 of the Form 706
To this end, the Real Property Deficiency Study should be submitted along with all other information to support Form 706
(Federal Estate Tax Return) FMVs.