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Page 3 of 21 |
Since the decedent is unable to file a federal estate tax return, who does and when? |
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The responsibility for filing Form 706, the U.S. Estate and Generation-Skipping Transfer Tax Return, falls upon the executor/administrator who is typically named in the will (or a court-appointed executor if there is no will). The return must be filed within nine months after the person's death. The filing date can be extended for six months on filing an extension. Penalties are imposed for late filing and late payment unless there is reasonable cause. Interest is also imposed for late payments.
The executor must file a 706 Form when the estate's gross assets, not net assets, exceed the tax-exempt level, even if the deductions and unified credit make it a return with no tax due.
The 41-page return breaks down your assets into nine sections:
Schedule A-Real Estate
Schedule B-Stocks and Bonds
Schedule C-Mortgages, Notes, and Cash
Schedule D-Insurance on the Decedent's Life
Schedule E--Jointly Owned Property
Schedule F-Other Miscellaneous Property
Schedule G-Transfers During the Deceased's Life
Schedule H-Powers of Appointment
Schedule I--Annuities
There are also various attachments that must be filed with Form 706, such as the will, real estate appraisals, trust documents, etc. |
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