IRS 712 2024-2025 free printable template
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712Life Insurance StatementForm
(Rev. December 2024)
Department of the Treasury
Internal Revenue ServicePart I
1OMB No. 15450022Go to www.irs.gov/Form712 for the latest information.DecedentInsured(To
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How to fill out irs form 712 pdf
How to fill out IRS 712
01
Obtain Form 712 from the IRS website or a financial tax professional.
02
Fill in the decedent's name and Social Security number at the top of the form.
03
Enter the date of death and the value of the estate as of that date.
04
Complete details regarding any life insurance policies, including the policyholder's information.
05
List the beneficiaries of the insurance policy and the amount each will receive.
06
Indicate if any policy loans exist against the insurance policy.
07
Sign and date the form, ensuring all information is accurate and complete.
Who needs IRS 712?
01
Individuals who are managing the estate of a deceased person.
02
Beneficiaries of a life insurance policy who need to report the insurance proceeds.
03
Executors or administrators dealing with estate taxes.
04
Tax professionals assisting with estate tax returns.
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People Also Ask about irs form 712 instructions
Who prepares IRS Form 712?
Form 712 is filed by executors with Form 706, 706-NA, or 709 for insurance policy or premium amounts.
How do I get a Form 712?
If you have a life insurance policy claim and need to obtain a copy of the IRS Federal Form 712, you can download a copy on the IRS website.
Do insurance companies provide Form 712?
After the death of the insured, estates that need to file an estate tax return will need to ask the insurance company to provide a Form 712 for each policy insuring the decedent.
What is the purpose of Form 712?
The IRS Federal Form 712 reports the value of a life insurance policy's proceeds after the insured dies for estate tax purposes. Because it's typically the executor who manages the financial affairs of the deceased, it's the executor's responsibility to file the form - along with an estate tax return if needed.
Do you get a tax form for life insurance payments?
Generally, life insurance proceeds you receive as a beneficiary due to the death of the insured person, aren't includable in gross income and you don't have to report them. However, any interest you receive is taxable and you should report it as interest received.
Who must file Form 712?
More In Forms and Instructions Form 712 is filed by executors with Form 706, 706-NA, or 709 for insurance policy or premium amounts.
What is a 712 letter?
Form 712 (“Life Insurance Statement”) is a supplemental form the IRS requests whenever a life insurance policy must be valued for gift tax purposes on the Form 709 (Gift Tax return) or for estate tax purposes on the Form 706 (Estate Tax return).
Do you need a Form 712 for an annuity?
While life insurance is usually income tax free, it is not always estate tax free. That is why the Form 712 is necessary. Failure to file a Form 712 when one is necessary greatly increases the likelihood of an IRS audit on the Federal Estate Tax Return and the assessment of additional taxes, interest, and penalties.
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What is IRS 712?
IRS 712 is a form used by the Internal Revenue Service (IRS) to report the value of an estate or gift for federal tax purposes.
Who is required to file IRS 712?
Typically, the executor of an estate or the donor of a gift is required to file IRS 712 if the value of the estate or the gift exceeds the federal exclusion amount.
How to fill out IRS 712?
To fill out IRS 712, gather the necessary information about the decedent's or donor's assets, complete the form sections regarding valuations, deductions, and signatures as required, and submit it to the IRS.
What is the purpose of IRS 712?
The purpose of IRS 712 is to document the valuation of an estate or gift, which is necessary for determining any potential tax liabilities under federal estate and gift tax laws.
What information must be reported on IRS 712?
IRS 712 requires reporting information such as details about the decedent or donor, a description of the property transferred, its fair market value, as well as any deductions or adjustments that apply.
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