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What two basic tax forms do estates have to file for income and value. What are...

What two basic tax forms do estates have to file for income and value. What are their basic numbers and what causes them to file them?

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Answer #1

The two basic return that estates have to file are:

  • For Income - US Income Tax return for estate and trust - Form 1041
  • For Value - Estate Tax Return - Form 706

Form 1041 is filled annually by an estate to report their income during the year. However, once the estate is liquidated and all the assets distributed, the estate is no longer required to file Form 1041.

Form 706 is filed by the executor of the estate whoose gross estate ( plus adjusted taxable gifts) > Basic Exclusion amount ($11.40 MM for 2019).

Feel free to ask for any clarification, if required. Kindly provide feedback by thumbs up. It would be highly appreciated. Thank You.

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