[ Offshore Tax ] Let's Talk about Form 706 NA and Form 5173
Internal Revenue Code (IRC) 2101 imposes a transfer tax on the estate of any non-resident, non-citizen, of the U.S. Form 706-NA, United States Estate (and Generation-Skipping Transfer) Tax Return, is used to compute estate- and generation-skipping transfer (GST) tax liability for all non-resident alien decedents. Form 706-NA must be filed within nine months of the date of the decedent's death. The taxpayer can request an automatic six-month extension by filing Form 4768 by the original due date. If Form 706-NA is not promptly filed or the tax payment is not remitted by the original due date, penalties will be levied against the estate.
Who must file Form 706-NA?
Form 706-NA applies only to non-resident alien decedents – individuals who, upon their death, are not U.S. residents or citizens. For purposes of determining estate and gift tax, residency is not determined by the residency rules for income-tax purposes (Sec. 7701(b)(6)). For estate and gift tax purposes, U.S. residency requires physical presence at some place in the U.S. and the intention to make that place a fixed and permanent home (Christina de Bourbon Patino, 51-1 USTC ¶9123 (4th Cir.), aff'g, 13 T.C. 816 (1949)). If the facts and circumstances support the preceding notion of residence, the executor of the decedent's estate must file Form 706.
IRS transfer certificate Form 706NA and Form 5173 are confusing at times. We're here to simplify the process for you.
TIMESTAMPS:
0:00 INTRO
0:10 What is from 706 NA?
3:00 IRS clearance certificate
5:00 Setting tax bill for US ex-pats
6:30 Tax team to be required
7:50 OUTRO
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It's about form 706 NA, the form six. So when someone passes away, and there may be at the federal level, so I know the US state level, there's a whole myriad of rules. I'm just being right now about the federal level. A federal tax return may be due right when a loved one passes away a federal. So I, I know it's a hassle. You need to deal with so much, you know, other, you know, there are so many other priorities, right? To, think about, well, I need to file a tax return. Yeah, but hey, it's a thing. So, you know, we had a few clients some years ago who had questions. So basically we deal with a lot of mixed nationality couples that, that, that is one of our specialties. Mixed nationality couples. So one US-exposed partner and a non-US partner. So that, that, that is pretty, pretty standard. So, and when, you know, unfortunately, the US-exposed partner may pass away and the non-US partner is left to deal with whatever, of course, we advocate proper estate planning. This makes the whole process of succession and pa you know, succession in terms of assets moving from one generation to the other or to, the partner and whose name it may not have been, but unfortunately, that is not always done. So things have to go through probate. There may be estate taxes due, et cetera, et cetera.
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