706 Portability return detail

[Drphibes]

So,

Have my 1st client that wants a 706 for portability of deceased spouses residual estate tax exemption. Have prepared 706's in the past and the level of detail can be very time consuming.

Total asset value is quite a bit below the need to file a 706.

Under the simplification rules for filing a 706 for only portability, not only is the time frame for filing one pushed out to 5 years from date of death, there are provisions for using estimated asset values (using a chart in the 706 instructions) but the level of detail of reporting is not really defined.

Can you just enter all brokerage accounts (identifying the accounts in the description) as one entry and list the estimate of the all the accounts using the chart rules or would each brokerage account have to be listed separately or (god forbid) each stock stated separately? Obviously same question for real estate, guy also has a home and a couple of rentals.

Does the Lacerte 706 program have a check box for the statement at the top of the return for filing the 706 for portability only referencing the regulation?

Thanks all in advance!

[Accountant-Man]

Hire an estate attorney.

[Drphibes]

Well,

That wasn't very helpful. 

Once the level of detail is understood under these new rules, the execution of a 706 is very straight forward.  Just a matter of how time consuming it's going to be, thus, determining the fee.