Form M706Q Election to Claim the Qualified Small Business and Farm Property Deduction - Minnesota

What Is Form M706Q?

This is a legal form that was released by the Minnesota Department of Revenue - a government authority operating within Minnesota. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form M706Q?A: Form M706Q is a tax form used in Minnesota to elect the Qualified Small Business and Farm Property Deduction.

Q: What is the Qualified Small Business and Farm Property Deduction?A: The Qualified Small Business and Farm Property Deduction is a deduction that allows eligible taxpayers to reduce their taxable income by a portion of the assessed value of qualified property.

Q: Who is eligible to claim the Qualified Small Business and Farm Property Deduction?A: Eligible taxpayers include individuals, estates, and trusts that meet certain requirements, such as owning and actively operating a qualifying small business or farm.

Q: What is the purpose of Form M706Q?A: Form M706Q is used to elect the Qualified Small Business and Farm Property Deduction and calculate the allowable deduction amount.

Q: When is the deadline for filing Form M706Q?A: The deadline for filing Form M706Q is the same as the deadline for filing the Minnesota estate tax return, which is nine months after the decedent's date of death.