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Estate Tax FAQMaine Revenue Services  Form

Estate Tax FAQMaine Revenue Services Form

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[Music] greetings Tex Navigators I'm Neil lloy your tax Maestro from William Neil langoy CPA today we dive into the ocean of trust and estate taxes let's decode forms 706 and forms 1041 the sprinkle of tax humor form 706 isn't just for the super rich here in or the form is required to be filed if you have an estate of $1 million or higher for federal purposes the current threshold is $12.2 million this form calculates federal estate taxes or Oregon estate taxes based on the fair market value of the deceased person's assets on the date they passed it's like assessing the worth of a treasure chest but instead of valuing gold coins we're valuing everything from Real Estate to stock portfolios there may be some gold coins or silver coins in there too remember for form 706 valuations are crucial because that is what the estate tax for both Federal and in my state Oregon is based on underestimating the value of say a vintage car collection coul

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