Get the free Form 712

This form is to be filed by the executor to report life insurance policies for estate tax purposes, including information about the insured, policy details, and beneficiaries.

How to fill out form 712

How to fill out Form 712

1. Obtain Form 712 from the IRS website or your tax professional.
2. Fill in the taxpayer's identification information at the top of the form, including name, address, and Social Security number.
3. Provide details of the estate or trust on the form, including the date of death and any applicable exemptions.
4. List all assets held at the time of death, including real estate, personal property, and financial accounts.
5. Estimate the value of each asset and total them at the end of the form.
6. Complete any necessary deductions or liabilities associated with the estate.
7. Review the form for accuracy and sign it before submission.
8. File the completed Form 712 with the IRS by the specified deadline.

Who needs Form 712?

1. Executors of estates that exceed the federal estate tax exemption limit.
2. Individuals required to report the value of life insurance policies owned by a deceased person.
3. Beneficiaries of an estate who need to file for life insurance benefits.
4. Professionals handling estate taxes and valuations.

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.

For pdfFiller’s FAQs

What is Form 712?

Form 712 is a form used for reporting the fair market value of certain life insurance policies and other insurance contracts on behalf of an estate.

Who is required to file Form 712?

Form 712 must be filed by the executor or personal representative of an estate that includes life insurance policies with death benefits.

How to fill out Form 712?

To fill out Form 712, gather the necessary information about the insured, the insurance policies, and their values, and then complete the form according to the instructions provided by the IRS.

What is the purpose of Form 712?

The purpose of Form 712 is to provide the IRS with the necessary information regarding life insurance policies owned by a deceased individual, which may affect the estate's tax liability.

What information must be reported on Form 712?

Form 712 requires reporting the name of the insured, details about the insurance company, the policy number, and the fair market value of the insurance policies as of the date of death.