706

Tax Issues to Consider When Settling an Estate

Posted on: March 5th, 2015
During the first quarter of the year, the only tax items most taxpayers are concerned with are their own personal and business returns. However, settling an estate involves tax matters that need to be resolved before the estate is closed. ...

IRS Releases Draft 2010 Estate Tax Return Instructions

Posted on: August 24th, 2011
The IRS has released draft instructions for the 2010 Form 706, the U.S. Estate Tax Return. Executors of estates of decedents who died in 2010 between the estate tax, with a $5 million exemption and 35% rate, or the modified carryover basis rules. The modified carryover basis law does not institute a tax, but limits a step up in basis for property acquired from a decedent to $1.3 million, with another $3 million for property passing to a spouse. ...
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