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Form 5495 for Waterbury Connecticut: What You Should Know

Please note: If you want to use this form, first you must sign and date the form, but after signing and dates, please fill out and attach the section labeled “PURPOSE.” It is important to know if you can file an I.R.C. 4582 Form 5495 for your surviving spouse, regardless of the number of survivors you may have. If you and your spouse have been married for more than 10 years you will need to do this as well. The Form 5495 is not valid for any estates, trusts, or designated beneficiaries of the decedent. A beneficiary of the decedent may file a Form 1040 after signing Form 5495. An executor or a trustee is limited as under IRC sections 1256, 1257, and 1258. The Form 5495 is a separate return and may be filed by only one person and only one person may file the Form 5495. To file with more than one person, you must file separate Form 5495s. The Form 5495 may be used by only one deceased individual on his or her estate tax return. The Form 5495 must be filed by one individual who is an estate tax return preparer. It is not acceptable to use the Form 5495 by a non-federal financial institution, an attorney or a real estate tax advisor. The Form 5495, filed within 5 years from the time the decedent's death occurs, must state the amount of personal property with respect to which the estate tax liability is to be discharged. Note that if your personal property was owned by someone else, you can file the Form 5495 to avoid further liability on this liability. An executor or other executor or fiduciary should file Form 5495 on the estate of the decedent, rather than on his or her own. The executor or fiduciary should also note on the original Form 5495 that the property was owned by someone else. In addition, if any property was owned by you with respect to which the estate tax liability was to be discharged as a result of the death of the decedent, the executor or other executor or fiduciary should file these Form 5495s instead of Form 5495.

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