What Is Form 706-NA: United States Estate (anꦿd Generatiℱon-Skipping Transfer) Tax Return?

Form 706-NA: United States Estate (and Generation-Skipping Transfer) Tax Return is a tax form used to calculate tax liabilities for the estates with U.S.-based assets and generation-skipping transfers of non-resident decedents. Form 706-NA, which is distributed by the 澳洲幸运5开奖号码历史查询:Internal Revenue Service (IRS), must be filed nine months after the death of the individual by their executor if the estate's value exceeds the filing threshold of $60,000.

Who Can File Form 706-NA?

Form 706-NA: United States Estate (and Generation-Skipping Transfer) Tax Return must be used to figure out the 澳洲幸运5开奖号码历史查询:generation-skipping transfer tax (GSTT) liability for estates of non-residents of the United States. The generation-skipping tax is levied upon the transfer of the decedent's estate rather than when it is received by a beneficiary.

A non-resident is someone who does not live in the United States and is not a citizen. The IRS has specific rules for how a person meets the criteria of a resident. 澳洲幸运5开奖号码历史查询:Taxpayers are considered residents if they meet the green card test or if they fulfill the substantial presence test in the United States. Individuals who do not satisfy these requirements are considered non-residents.

U.S.-based assets that 🔯are considered part of an estate include🐼 things like:

• 澳洲幸运5开奖号码历史查询:Real estate
• Physical personal property
• Securities of U.S. companies
• Debt obligations within the U.S.
• Bonds

One important point to note is that any American-based stocks would be subject to U.S. 澳洲幸运5开奖号码历史查询:estate taxes even if the certificates were physically stored outside of the country.

How to File Form 706-NA

Executors of estates that would be required to complete Form 706-NA must file a tax return if the fair market value (FMV) of the "U.S.-situated assets, together with the gift tax specific exemption and the amount of adjusted taxable gifts, exceeds the filing threshold of $60,000." In some cases, estates may still be required to file a 澳洲幸运5开奖号码历史查询:tax return even if the estate value is less than that, namely if the deceased made large lifetime gifts of U.S. assets that took advantage of the unified crꦛedit exemption.꧙

Several countries have death 澳洲幸运5开奖号码历史查询:tax treaties with the United States, and executors reporting information on an estate from one of those countries may have to attach a statement stating that the death tax treaty is being applied.

This form has been revised and updated numerous times since 1962. Form 706-NA is available to taxpayers by requesting Form 706: United States Estate (and Gener﷽ation-Skipping Transfer) Tax Return. Citizens of U.S. possessions, such as the U.S. Virgin Islands, are not considered citizens in Form 706-NA.

Download Form 706-NA

Here is the , which includes instructions as well as the downloadable Form 706-NA: U🍸nited States Estate (and Generation-ꦑSkipping Transfer) Tax Return.