Form 706 Preparation Part 3: Reporting Deductions 2024

Overview

This section of the 4-part series will cover fundamentals of Form 706 with numerous examples of how to properly report deductions on the estate tax return, including the marital and charitable deductions.

Highlights

• How to report funeral and administrative expenses on Schedule J and/or L
• How to report debts, mortgages and liens on Schedule K
• Marital deduction and elections, QTIP, Reverse QTIP, QDOT, over-stated marital deductions
• Charitable deduction Schedule O and potential problems

Prerequisites

Completion of Form 706 Preparation Parts 1 and 2

Designed For

CPAs, attorneys, bankers, enrolled agents and professional staff.

Objectives

• Determine the proper schedule for and reporting of deductions
• Recognize protective and perfected refund claims with estate tax
• Identify potential audit issues relative to deductions on 706

Preparation

None

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by the California Education Foundation (CalCPA). Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.