IRS Tax Form 706

Trust Tax Returns Required by the IRS

Although some trusts might save some money on taxes, they do NOT eliminate taxes. While individuals pay income tax on a form 1040, Trusts pay on form 1041 "Fiduciary Return."

After a grantor passes away, a taxable estate must file a form 706 which is a tax on the net assets of the estate. This is a very complicated tax return that most CPAs do NOT do, particularly on second to die situations.

If you have questions regarding these tax forms, give Michael Perdue a call for a free, no obligation consultation.

You can get free copies of these tax forms here:

Form 1041
Form 706

These documents are quite complicated and there can be severe penalties from the IRS if they are not done properly. Call us if you need assistance.

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