|
|
|
|
|
|
The Federal Estate Tax Return
If you are named the executrix of a will, you will have to
understand the tax implications of administering an estate.
Some items to consider:
- If the estate is worth more than $1,500,000, for 2005 or $2,000,000 for 2006 you are required
to file the federal estate tax on IRS Form 706.
This form, due 9 months after the death, is time-consuming
and requires detailed information about all of the estate's
assets, so it is important that you contact an appraiser
as soon as possible.
Like attorneys, appraisers specialize in certain fields
so be sure that the type of assets match your appraiser's
experience and qualifications.
- IRS form 712 is attached to IRS Form 706 and must be completed
by the insurance company. Often, it takes insurance companies
a long time to process these forms, so it is important to
contact the insurance company immediately.
-
Several states also levy a state estate tax that coincides
with the due dates of the federal forms.
- An income tax return must be filed on IRS form 1041 each
year that the estate is open. An attorney or an accountant
can help you with this.
|
|
|
|
|
Site Map | About MsMoney.com | About Tiffany Bass Bukow | Contact Us | Privacy | Terms of Use
|
|
|
Copyright © 2006 MsMoney.com, Inc. All rights reserved.
MsMoney.com is a trademark of MsMoney.com, Inc.
|
|
|