Form 706 Preparation Part 3: Reporting Deductions 2024

Overview

This section of the 4-part series will cover fundamentals of Form 706 with numerous examples of how to properly report deductions on the estate tax return, including the marital and charitable deductions.

Highlights

• How to report funeral and administrative expenses on Schedule J and/or L
• How to report debts, mortgages and liens on Schedule K
• Marital deduction and elections, QTIP, Reverse QTIP, QDOT, over-stated marital deductions
• Charitable deduction Schedule O and potential problems

Prerequisites

Completion of Form 706 Preparation Parts 1 and 2

Designed For

CPAs, attorneys, bankers, enrolled agents and professional staff.

Objectives

• Determine the proper schedule for and reporting of deductions
• Recognize protective and perfected refund claims with estate tax
• Identify potential audit issues relative to deductions on 706

Preparation

None