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What Form Do I File?

Form 1041 is the Fiduciary Income Tax Return, used to file income taxes for an estate or trust. An estate needs to file a Form 1041 if the gross income is $600 or more. A trust needs to file a Form 1041 if the gross income is $100 or more.

Form 706 is the Estate Tax return. An estate tax return is required when the value of the gross estate, combined with the total taxable gifts made during the decedent's lifetime, exceeds the unified credit equivalent. That amount, for those dying in 2001, is $700,000 and under the tax act passed in 2001 it will be $1,000,000 for 2002-2003. The amounts for each year after 2003 are listed in the separate Report about calculating such taxes.

Form 709 (and 709A) are Gift Tax returns. A gift tax return is required when total gifts given to any one donee exceeds $11,000 in any calendar year. If the gift represents a future interest, then a gift tax return has to filed regardless of the amount. A gift tax return should also be filed if a gift was made by either a husband or wife, and they wish to elect the benefits of gift splitting. Lastly, it may be advantageous to file a gift tax return for gifts of certain assets, in order to limit the ability of the IRS to claim that the value of the property was higher than originally claimed.

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Disclaimer
We do not offer legal advice. All information provided on this website is for informational purposes only and is not a substitute for proper legal advice. If you have legal questions, we recommend that you seek the advice of legal professionals.

Tax Disclaimer: To ensure compliance with IRS Rules, any U.S. federal tax advice provided in this communication is not intended or written to be used, and it cannot be used by the recipient or any other taxpayer (i) for the purpose of avoiding tax penalties that may be imposed on the recipient or any other taxpayer under the Internal Revenue Code, or (ii) in promoting, marketing or recommending to another party a partnership or other entity, investment plan, arrangement or other transaction addressed herein.

Copyright 2017 Wink Tax Services / Wink Inc.
Last modified: January 30, 2017