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 offered by a 3rd party vendor. Login instructions will not be accessible in the My CPE Tracker section of the ISCPA website. Login instructions will be emailed directly to you by California Education Foundation (CalCPA).