Every Estate is unique some estates are simple while others are intricate estates. Some multimillion dollar estates must file a for 706 and a Massachusetts 706 depending on gifts made and the total dollar value of the estate's asset's. Form 1041 must be filed by any estate with over 600 dollars in income in the year of death or the year following death.
The filing requirements for an estate vary considerably and are different from the requirements for an individual tax return; a professional is recommended. Simple mistakes in establishing an estate can be irrevocable and costly. For example choosing a fiscal year for the estate is an irrevocable action careful consideration and planning are sometimes required depending on the size estate and the distribution.
Above all t is important to call your professional before taking any action on an estate especially if you are unsure of what course to take.