Get the free Form 712

This form is used to report the details of life insurance policies for estate tax purposes, including information about the decedent, the insurance company, policy details, and the value of the policy

How to fill out form 712

How to fill out Form 712

1. Obtain Form 712 from the appropriate government website or office.
2. Fill out the personal information section, including your name, address, and Social Security number.
3. Provide details regarding the policy or policies being reported, including policy numbers and face values.
4. Indicate the reason for filing the form, such as for estate tax purposes.
5. Review the completed form for accuracy and completeness.
6. Sign and date the form where indicated.
7. Submit the form to the relevant tax authority or agency as required.

Who needs Form 712?

1. Individuals who are the beneficiaries of life insurance policies.
2. Estate executors handling the deceased's estate.
3. Individuals needing to report life insurance policies for tax purposes.

People Also Ask about

What is an IRS 712 form used for?

When an insured person or policy owner dies and an estate tax return is filed (or when a life insurance policy is transferred as a gift), Uncle Sam wants to know about it by way of the Internal Revenue Service (IRS) Federal Form 712 Life Insurance Statement.

How do you report life insurance on an estate tax return?

You must list every policy of insurance on the life of the decedent, whether or not it is included in the gross estate. The number of the policy. For every policy of life insurance listed on the schedule, you must request a statement on Form 712, Life Insurance Statement, from the company that issued the policy.

Who is required to file the IRS form 720?

1. Businesses. Any entity, whether a sole proprietorship, partnership, corporation, or a limited liability company, dealing in goods or services subject to federal excise taxes must file Form 720.

Who fills out form 8995?

Form 8995 is the IRS tax form that owners of pass-through entities—sole proprietorships, partnerships, LLCs, or S corporations—use to take the qualified business income (QBI) deduction, also known as the pass-through or Section 199A deduction.

Who fills out IRS Form 712?

Form 712 is filed by executors with Form 706, 706-NA, or 709 for insurance policy or premium amounts.

Why do I need a form 712?

IRS Form 712 is used to calculate estate or gift tax. It documents the value of a life insurance policy when the insured dies or the policy is transferred as a gift.

How do you report life insurance on an estate tax return?

You must list every policy of insurance on the life of the decedent, whether or not it is included in the gross estate. The number of the policy. For every policy of life insurance listed on the schedule, you must request a statement on Form 712, Life Insurance Statement, from the company that issued the policy.

For pdfFiller’s FAQs

What is Form 712?

Form 712 is a document used to report the fair market value of life insurance policies owned by an individual at the time of the insured's death, primarily for estate tax purposes.

Who is required to file Form 712?

Form 712 must be filed by the executor or personal representative of an estate when the decedent owned a life insurance policy at the time of death.

How to fill out Form 712?

To fill out Form 712, provide the decedent's name and Social Security number, the policy number, the insurance company's name, the face amount of the policy, and the fair market value at the time of death. Sign and date the form as required.

What is the purpose of Form 712?

The purpose of Form 712 is to aid in the valuation of life insurance policies during the estate tax calculation and to ensure correct reporting for tax purposes.

What information must be reported on Form 712?

Form 712 requires the reporting of the decedent's name, Social Security number, policy details including type, number, face amount, insurance company information, and the policy's fair market value at the date of death.