Top Ten Mistakes – in filing 706s

Domingo Such, of McDermott Will & Emery and a member of CTC’s Legal Advisory Board, shared these top ten mistakes cited by the IRS in filing estate tax returns. If you want to have the return audited, just make one of these:

•Fail to attach a statement explaining why the decedent owned a fractional interest in real property

•Fail to attach a statement showing an interrelated (or other complex) computation

•Deduct executor’s or other family member’s travel expenses

•Fail to account for the phase-out of the state death tax credit

•File a request for prompt examination under Section 2204 with Form 706

•Handwrite the return

•Fail to attach appraisals for real estate, tangible personal property, and closely held business interests

•File duplicate returns

•Use incorrect social security number

•Undervalue assets