Instructions for Form 706 GST Rev January
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People also ask
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What is form 706 GST?
More In Forms and Instructions Trustees use this form to figure and report the tax due from certain trust terminations that are subject to the generation-skipping transfer (GST) tax.
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What are the filing requirements for the estate tax return 706 )?
For decedents who died in 2023, Form 706 must be filed by the executor of the estate of every U.S. citizen or resident: a. Whose gross estate, plus adjusted taxable gifts and specific exemption, is more than $12,920,000; or b.
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What is the GST exemption for 2023?
How have the federal transfer tax exemption amounts changed over the years? Estate & Gift Lifetime Exemption[1]GST Lifetime Exemption2020$11,580,000$11,580,0002021$11,700,000$11,700,0002022$12,060,000$12,060,0002023$12,920,000$12,920,00021 more rows • Nov 13, 2023
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How do I allocate GST exemption on 706?
Allocation of the GST exemption is made by the settlor on Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, and/or Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, by the executor of the settlor's estate.
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