Do all estates have to file Form 706?

An estate tax return (Form 706) must be filed if the gross estate of the decedent (who is a U.S. citizen or resident), increased by the decedent's adjusted taxable gifts and specific gift tax exemption, is valued at more than the filing threshold for the year of the decedent's death, as shown in the table below.

How do I report QTIP on 706?

How do I designate QTIP on assets in my Form 706 Estate tax return using Worksheet View? Select Estate Tax Beneficiaries, Co-Tenants Section 1 Beneficiaries, Co-Tenants, Beneficiary type - line 1 Q (double click on this line to see all options) and choose Q QTIP Trust.

What is the IRS portability rule?

More specifically, it's a process where a surviving spouse can pick up and use the unused estate tax exemption of a deceased spouse. So then, the surviving spouse has both his or her own exemption from estate and gift tax but also, the unused exemption of the deceased spouse.

How do I make a QTIP election on Form 706?

You make the QTIP election simply by listing the qualified terminable interest property on Schedule M and deducting its value. You are presumed to have made the QTIP election if you list the property and deduct its value on Schedule M.

What is revenue procedure 2016-49?

IRS Revenue Procedure 2016-49, effective as of September 27, 2016, settles an issue arising when both QTIP and portability elections are made on a decedent's estate tax return. ing to Rev. Proc. 2016-49, a QTIP election can be made on a portability-only return.

Do you have to file a 706 to make a QTIP election?

Among those requirements are that the surviving spouse must have a qualifying income interest for life 5 , the surviving spouse must be the sole beneficiary 6 , the surviving spouse must have certain rights regarding the holdings of the Trust 7 , and the QTIP election must be made on a 706 8 .

How is a QTIP election made?

To make the election (and create the QTIP trust), the executor lists, on an attachment (a "schedule") to the estate tax return, the assets that are to go into the QTIP trust. The executor can choose to put some or all of the deceased spouse's assets earmarked for the QTIP into the trust.

When should a QTIP election be made?

Many planners are of the understanding that a QTIP election must be made for a testamentary trust on a federal estate tax return that is timely filed within 15 months following the decedent's date of death (the general deadline of 9 months following the decedent's date of death, plus a 6 month automatic extension).

Get Revenue Procedure 2001 38

Q: What is the IRS portability rule?

More specifically, it&#039;s a process where a surviving spouse can pick up and use the unused estate tax exemption of a deceased spouse. So then, the surviving spouse has both his or her own exemption from estate and gift tax but also, the unused exemption of the deceased spouse.

Also Part I 2044 2056 2519 2652 20. 2044 1 20. 2056 b 7 25. 2519 1 26. 2652 1. Rev. Proc. 2001 38 SECTION 1. PURPOSE This revenue procedure provides relief for surviving spouses and their estates in situations where a predeceased spouse s estate made an unnecessary qualified terminable interest property QTIP election under 2056 b 7 of the Internal Revenue Code that did not reduce the estate tax liability of the estate. 26 CFR 601. 105 Examinatio.

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