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Is Cost of Tax Preparation Software Deductible?
What Are Tax Preparation Centers?
How to Make Federal Budget Estimates
About Taxes & Buying or Selling a Business
What Is a Corporate Tax Credit?
How to Calculate Estate Tax Deduction
How to Fill Out W-4 Forms Correctly
How Are Property Taxes Calculated?
About IRS Form 3868
Who Must File a Tax Return?
About Unclaimed IRS Funds
IRS Rules & Regulations for FSA Accounts
What Happens When You Don't File a Tax Return?
What Is My Tax Bracket?
IRS 1099 Forms Instructions
1099-MISC Guidelines
What Are State & Local Taxes?
What Happens When You File Chapter 7 Bankruptcy?
How Not to Pay Federal Income Tax
What Are Tax Relief Provisions?
IRS Rules for Filing an Offer in Compromise
Purpose of State Income Tax
What Is a FICO Score Used For?
How to File Taxes for Free
What Is the Penalty for Not Filing Taxes?
Do I Need a Sales Tax ID Number?
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Summary: In order to calculate estate tax deduction, it's necessary to get the IRS form 706, as this return is used for executors of decedents estates. Find out about possible deductions, such as expenses of the estate, mortgages and debt, with information from an independent CPA in this free video on estate tax deductions.
Miranda Chook is a CPA with expertise in international operations. She has held executive positions with both publicly listed and privately held companies. In addition to her finance...read more
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"My name is Miranda Chook and I'm a CPA and right now we're going to talk about estate tax deductions. You need IRS form 706, the estate tax return. Now this return is for executors of a decedents estate to calculate the taxes due to the IRS on the entire estate. And this is not what is used by beneficiaries who've received a share of the estate. Now you can find this at the IRS' own website at IRS.gov, or if your computer is crashed you can also call the IRS' toll free number, 800 number, and they'll mail a copy to you. Now examples of deductions include expenses of the estate, mortgages, debts of the decedent, things like that. Also things that can be deducted are expenses or losses that were suffered during the administration of the estate such as theft or a fire that wasn't covered by insurance. You also will deduct bequeaths from the value of the estate. Now all these deductions go to, of course, reduce the value of the estate so you're applying taxes to the net amount of the estate. So again these are just general guidelines, so please check with an experienced financial adviser to see how this may affect your specific circumstances."
eHow Article: How to Calculate Estate Tax Deduction
Meet Mark P Cussen, CFP, CMFC eHow's Personal Finance Expert.
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