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Form 706 NA Rev January

Form 706 NA Rev January

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form 706 what can you tell us form 706 is first stes um so if you ultimately have over a certain dollar Threshold at this point in time as of this recording that threshold is about 13.5 million if you are single uh if you have a spouse it's twice that so it's about $27 million if you are over that threshold you're required to file an estate tax return um that estate tax return is 706 we often file them for individuals or or folks who have less than that and in order to memorialize the basis of certain assets so especially those assets that either have appreciated or will appreciate um we want to memorialize as much as we can make sure the IRS sees it all of that gets reported on form 706 as part of that you are ultimately going to need an appraisal often more than one appraisal and it depends on what type of assets you have so if it's a fine art collection for instance that appraisal is going to need to be done fairly in depth um all of that gets reporte

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