709 example Form

709 example Form: What You Should Know

The estate tax is imposed under Chapter 11 of the Internal Revenue Code and the tax liability is assessed by the executor. The estate tax is collected on the date of death or the date the executor files the return. If the executor does not compute the time-to-death, the IRS determines the time-to-death. A copy of the current tax forms (Estate Tax Notice-Withholding and Form 706) may be obtained from the Internal Revenue Service, Attn.: Estate Tax Section, P.O. Box 78215, Cincinnati, Ohio 45. Instructions for Form 706-NA (Rev. September 2022) — IRS Section 2: General Considerations. (a) To avoid confusion and/or inconsistency with the estate tax laws of the State of New York, it should be understood that no estate tax under the New York estate tax provisions is levied on the estate of the taxpayer; rather, the tax is imposed on any person (including a trustee, assignee, guardian, or guardian ad item) with whom the taxpayer may have a transfer or gift relationship (regardless of whether the transfer or gift took place within or outside New York). Therefore, a taxpayer's estate does not include property located in New York, such as a New York real property interest, a New York qualified trust or a New York real estate loan. (b) This discussion applies only to estates for which the New York death tax provisions apply (i.e. taxable gross estate does not exceed over 5,000,000). See also Item (2) of the table Form 706-NA (Rev. September 2019) — IRS. Section 3: Estate Tax in General. Section 2024 of the Internal Revenue Code, as amended, provides an estate tax, levied on the estate of people who die after December 31, 2018. A decedent's gross estate means his or her distributive share of the taxpayer's estate (if any). For tax purposes, an estate is the sum of the assets received by the decedent before his or her death and the total of the decedent's gross estate minus certain amounts includible in the individual's gross estate; such amounts are known as the “gifts tax” and “base of basis” rules.

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