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Get the IRS 706 _expanded 2017

40. Enter here and on Schedule R Part 2 line 9. SCHEDULE R-1 Form 706 Payment Voucher Executor File one copy with Form 706 and send two copies to the fiduciary. 8. Fiduciary Check here if this Schedule PC is being filed with the original Form 706 or is being filed by the same fiduciary who filed the original Form 706 for decedent s estate. Daytime telephone number 7. Number of Claims. Enter number of Schedules PC being filed with Form 706. Each separate claim or expense requires a separate...
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Why You Might Need IRS Form 706

A primer on Form 706 for calculating estate taxes.

If you are joining us for IRS Form 706.

What is form 706?

IRS form 706 is a tax form used to calculate estate taxes. When a US citizen dies and passes on an estate to their descendants, the estate is taxed. For example, if your grandfather dies and passes on an estate to you worth $10,000 - that $10,000 is taxed at a certain rate. Form 706 is used to calculate this rate.

Who needs form 706?

This form is typically used by estate executors. An estate executor is someone who the deceased trusted to take care of their estate after they passed. This could be anyone from a lawyer to a family member. The executor will enact the deceased’s will, distribute the estate, and ensure that the proper taxes are paid. In rare cases, the descendents may file the form themselves.

What other forms accompany form 706?

There are many forms and schedules that accompany form 706. The IRS lists them as follows…

1. Part 1 - Decedent and Executor

2. Part 2 - Tax Computation

3. Part 3 - Elections by the Executor

4. Part 4 - General Information

5. Part 5 - Recapitulation

6. Part 6 - Portability of Deceased Spousal Unused Exclusion (DSUE)

7. Schedule A - Real Estate

8. Schedule A-1 - Section 2032A Valuation

9. Schedule B - Stocks and Bonds

10. Schedule C - Mortgages, Notes, and Cash

11. Schedule D - Insurance on the Decedent's Life

12. Schedule E - Jointly Owned Property

13. Schedule F - Other Miscellaneous Property

14. Decedent Who Was a Surviving Spouse

15. Schedule G - Transfers During Decedent's Life

16. Schedule H - Powers of Appointment

17. Schedule I - Annuities

18. Schedule J - Funeral

19. Schedule K - Debts of the Decedent and Mortgages and Liens

20. Schedule L - Net Losses During Administration and Expenses Incurred in Administering Property Not Subject to Claims

21. Schedule M - Bequests, etc., to Surviving Spouse (Marital Deduction)

22. Schedule O - Charitable, Public, and Similar Gifts and Bequests

23. Schedule P - Credit for Foreign Death Taxes

24. Schedule Q - Credit for Tax on Prior Transfers

25. Schedules R and R-1 - Generation-Skipping Transfer Tax

26. Schedule U - Qualified Conservation Easement Exclusion

27. Schedule PC - Protective Claim for Refund

This may seem like a lot - but don’t worry. In general, not every schedule or part needs to be filled out. For example, if the deceased had no stocks or bonds, you wouldn’t need Schedule B. This will greatly simplify the process.

How do I fill out form 706?

It is highly suggested that you fill out form 706 with the professional assistance of a lawyer and an accountant. Form 706 can be quite complicated, especially if the estate is more than $10,000. If you would like to take a look, use PDFfiller to print the form and its instructions here. For further information, you can check out the following video:

When is form 706 due?

Form 706 must be filed within 9 months after the date of the death. If you are unable to file Form 706 during this time, you may request an extension with Form 4768. This will apply for an automatic 6-month extension.

Where do I send form 706?

When you have prepared all of the form and its relevant schedules, you can send them here:

Department of the Treasury

Internal Revenue Service Center

Cincinnati, OH 45999

Hello we will be going over form 706 together and if you want you can pull up your own copy of form 706 so I you can pause this video then come back and let's go to that form 706 together your job is to prepare the in product which is the form 706 on your midterm and I expect form 706 to be as complete as possible a list that a list of what should be attached to the return but not the actual attachments should be included because I will not be reproducing the documents to include any attachments but we want the return to look as complete as possible when you complete a form 706 I have a copy here we're going to go through some of the schedules and various pages of the form you're telling the deceit and story but it reflects a snapshot of where the deceit was at the time of death it's important to be complete when you prepare them the starting point is to determine if a return is required the first step is to determine if the gross estate which is gross estate tax I should say on line 8 which you can see here exceeds the required exclusion amount and you can see the exclusion amounts computed here in section 9 but when you compare those two numbers it still isn't quite that simple there are adjustments that have to be made and the adjustments to the exclusion amount are in the lines that follow the basic exclusion shown on line a and those amounts those adjustments are the adjusted taxable gifts which are the pulse 76 gifts not included in the tax for state we have to reduce the applicable exclusion for any exam that was taken after September 8 1976 and what I'm discussing now is shown here on line 10 in the 76 act they went from an exemption to what we now have today which is the unified credit when they made a change in the law going from this exemption to the unified credit that we have today for the period 98 76 to the end of 1976 if you used your exemption you had to reduce your credit by 20% of the exemption you use so that affects our clickable exclusion amount and that's why you see this adjustment that needs to be made whether or not you have to file a tax of form 706 depends on the amount of the gross estate not the net estate that generates an estate tax if we add back the exemption that we talked about not too long ago that you use posts September 8 1976 as well as your adjusted taxable gifts let's see where that is on line 4 - your taxable estate on line 3 see if if that amount exceeds the amount when you take your tax for state and they're just a taxable gifts if if those two amounts exceeds your applicable exclusion amount that's on line 9 see for the most part then you know that you're going to have enough to require you to file a tax return so that's just a quick way of trying to gauge it not not so quick but but at least before you go through everything in all the schedules so basically the filing requirement is the function of your gross estate now in addition to that if you have a situation where you have a dispute a deceased...
Please select a version for Fillable IRS 706 form
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Please select a version for Fillable IRS 706 form
  • 2019 IRS 706 Fillable
  • 2018 IRS 706 Fillable
  • 2017 IRS 706 Fillable
  • 2013 IRS 706 Fillable
  • 2012 IRS 706 Fillable
  • More...