FORM 706

Form 706 is the United States Estate (and Generation-Skipping Transfer) Tax Return. The executor uses it to report federal estate tax and certain GST tax matters. An eligible estate may also file it to elect portability for a surviving spouse, even when a return is not otherwise required.

No. For a U.S. citizen or resident who dies in 2026, the general federal filing threshold is $15 million. The filing test considers the gross estate and relevant prior taxable gifts, not simply cash left after debts. A return can also be filed to elect portability. Other years and nonresident noncitizens have different rules.

Not necessarily. The probate inventory and the federal gross estate are different. Some jointly held property, insurance, trust assets and prior transfers may need consideration under federal estate tax rules. Ownership, retained rights and the applicable inclusion rules matter.

Portability allows an eligible surviving spouse to use a deceased spouse’s unused estate and gift tax exclusion, called DSUE. Electing it generally requires a timely, properly prepared Form 706. It is not automatic, and it does not transfer the deceased spouse’s GST exemption.

The ordinary deadline is nine months after the date of death. A timely Form 4768 can obtain a six-month extension to file. Weekends, legal holidays and applicable relief can matter. Do not wait until the income tax return is due to check the estate tax deadline.

Not automatically. Estate and GST tax generally are due nine months after death. Payment extensions and installment elections have separate requirements. A six-month filing extension alone does not authorize postponing a tax payment.

Some estates not otherwise required to file Form 706 may qualify for simplified relief under Revenue Procedure 2022-32 by filing a complete, properly prepared return by the fifth anniversary of death and meeting its other requirements. This is not a general five-year filing deadline. Estates with a required return cannot use that procedure.

No. Form 706 addresses estate and certain transfer taxes. Form 1041 reports income earned by an estate or trust. The decedent’s final Form 1040 is another separate return. The same estate can have several different filing responsibilities.

Federal estate reporting generally begins with fair market value at death, subject to applicable elections and special rules. A property-tax assessment or a family agreement is not automatically the right value. Appropriate appraisals and ownership records can be important.

No. Alternate valuation is an election with specific conditions, including generally reducing both the gross estate and the combined estate and GST tax payable. It is not a free choice of the lowest value for each asset. Review eligibility before relying on a later valuation date.

Prior Forms 709, taxable gifts, exemption use and elections can affect the estate tax computation and available exclusion. Transfers involving retained rights or certain recent transactions may also require review. Keep the gift history with the estate’s records rather than reconstructing it from memory.

They can. A federal Form 706 filing threshold does not determine every state’s filing requirement or tax. Residence, property location and the applicable state law need separate review. Tell the firm about property and connections in every relevant state.

Start with the date of death, death certificate, appointment documents, will and trusts, asset ownership and date-of-death statements, insurance, debts and prior gift tax returns. Identify missing valuations and any surviving-spouse portability records. The initial consultation helps organize the concern before secure document collection.

Yes. The prerecorded initial tax consultation is free, and no purchase or paid appointment is required to begin. Book ownership is optional for return preparation and required for Tax Advisory. Return preparation, research and written advice are separately engaged; probate administration, legal drafting and appraisals are separate professional roles.