Boston Massachusetts Resident Estate Tax Return - Form M-706

• Category: Massachusetts Probate - Estates - Taxes
• State: Massachusetts
• City: Boston
• Control #: MA-1E
• Format: PDF

Description

This form is a Massachusetts Resident Estate Tax Return. Effective for dates of death on or after Jan. 1, 1997. Massachusetts estate tax is only imposed upon estates that meet the criteria for federal estate tax filing requirements. The Boston Massachusetts Resident Estate Tax Return, also known as Form M-706, is a legal document that must be completed by individuals residing in Boston who are responsible for reporting estate tax obligations. This form is specifically designed for Boston residents, as the city has its own estate tax laws and regulations separate from the state of Massachusetts. The purpose of this form is to provide the necessary information for calculating the estate tax liability owed by the deceased person's estate. It requires detailed information regarding the deceased individual's assets, such as real estate, bank accounts, investments, and personal property. Additionally, it requires information about any debts or expenses relating to the estate. Form M-706 allows the executor or administrator of the estate to deduct certain expenses and debts, such as funeral expenses, administration fees, and outstanding debts, from the total value of the estate. The remaining value is then used to calculate the estate tax liability. It is important to note that there may be different types of Boston Massachusetts Resident Estate Tax Return — Form M-706, depending on the specific circumstances of the estate. These variations may include: 1. Form M-706 (General): This is the standard version of the Boston Resident Estate Tax Return, applicable to most estates. 2. Form M-706 (Small Estate): This version is designed for estates that meet specific criteria, typically involving smaller estate values. It may have different requirements and calculations compared to the general form. 3. Form M-706 (Portable): This version is used when the deceased person's estate is eligible for the Massachusetts estate tax portability provision, allowing the surviving spouse to use any unused portion of the deceased spouse's estate tax exemption. It may require additional information and calculations related to portability. In summary, the Boston Massachusetts Resident Estate Tax Return — Form M-706 is a mandatory document for Boston residents responsible for reporting estate tax obligations. It collects detailed information about the deceased person's assets, debts, and expenses to calculate the estate tax liability.

The Boston Massachusetts Resident Estate Tax Return, also known as Form M-706, is a legal document that must be completed by individuals residing in Boston who are responsible for reporting estate tax obligations. This form is specifically designed for Boston residents, as the city has its own estate tax laws and regulations separate from the state of Massachusetts. The purpose of this form is to provide the necessary information for calculating the estate tax liability owed by the deceased person's estate. It requires detailed information regarding the deceased individual's assets, such as real estate, bank accounts, investments, and personal property. Additionally, it requires information about any debts or expenses relating to the estate. Form M-706 allows the executor or administrator of the estate to deduct certain expenses and debts, such as funeral expenses, administration fees, and outstanding debts, from the total value of the estate. The remaining value is then used to calculate the estate tax liability. It is important to note that there may be different types of Boston Massachusetts Resident Estate Tax Return — Form M-706, depending on the specific circumstances of the estate. These variations may include: 1. Form M-706 (General): This is the standard version of the Boston Resident Estate Tax Return, applicable to most estates. 2. Form M-706 (Small Estate): This version is designed for estates that meet specific criteria, typically involving smaller estate values. It may have different requirements and calculations compared to the general form. 3. Form M-706 (Portable): This version is used when the deceased person's estate is eligible for the Massachusetts estate tax portability provision, allowing the surviving spouse to use any unused portion of the deceased spouse's estate tax exemption. It may require additional information and calculations related to portability. In summary, the Boston Massachusetts Resident Estate Tax Return — Form M-706 is a mandatory document for Boston residents responsible for reporting estate tax obligations. It collects detailed information about the deceased person's assets, debts, and expenses to calculate the estate tax liability.