Form 712 Rev May Fill in Version Life Insurance Statement

Instructions and help about Form 712 Rev May Fill in Version Life Insurance Statement

we're going to go over IRS form 712 life insurance statement this isn't a tax form that you would expect to see very often first of all it's generally only filed by executors of Estates or trustees of the states that exceed the estate tax exemption so basically what this statement does is it reports the value of a life insurance policy or product for estate tax or gift tax purposes so if you're part of the 98 to 99 percent of the U.S population that does not need to worry about estate tax planning issues then you'll probably never see this form however if you are the executor of an estate that is subject to either a state or gift tax limitations then you'll probably need to order this form in certain circumstances in part one basically part one of this form is used when the insured person has died and the executor of that person's estate needs to include the value of the policy or policies for state tax purposes and then part two of the form on the back would be applicable if there is