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Jon Andrews
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 3118
Experience:  I deal with all levels of tax planning and controversy - from the ordinary to the complex.
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FORM 1041 OR FORM 706

Resolved Question:

FOR AN ESTATE     PERSON DIED 8/13/13   DO I FILE BOTH 1041 AND FORM 706   OR JUST A FORM 706
Submitted: 12 years ago.
Category: Tax
Expert:  Jon Andrews replied 12 years ago.

The 706 is to report the value of the estate. This is only required if the estate is taxable (over 1.5MM)


The 1041 is to report the income of the estate during the administration period. This would be required of the estate generated income in excess of $600 or had capital gains/losses.


Sometimes you need to file both. Sometimes you need to file neither and sometimes it is one or the other. If you could provide more details about what specifically you are trying to report, I can help you better.


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