Filing requirement for citizen or resident of the United States

For decedents dying in 2007, Form 706 must be filed by the executor for the estate of every U.S. citizen or resident  who gross estate, plus adjusted taxable gifts and specific exemption, is more than $2,000,000.

To determine whether a return must be filed for an estate of a citizen or resident of the United States add:

1.   The adjusted taxable gifts (under §2001(b)) made by the decedent after December 31, 1976;

2.   The total specific exemption allowed under §2521 (as in effect before its repeal by the Tax Reform Act of 1976) for gifts made by the decedent after September 8, 1976 (that is, the portion of the $30,000 specific gift tax exclusion used after September 8, 1976, through December 31, 1976); and

3.   The decedent’s gross estate valued at the date of death.

© 2008 E. Bennett Bolton

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