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What is Form 706?

Form 706, officially known as the United States Estate (and Generation-Skipping Transfer) Tax Return, is used to report the value of a deceased person's estate. It helps determine if estate taxes are owed. This form is important because it ensures that any taxes due on the estate are calculated correctly and paid on time. Filing Form 706 is necessary for estates that exceed a certain value, allowing the IRS to assess the tax liability based on the estate's total worth.

What is Form 706 used for?

Form 706 is used to report and calculate estate taxes. Here’s what it helps with:

  • to determine the value of the estate.
  • to identify taxable gifts made during the individual’s lifetime.
  • to calculate the estate tax owed.

How to fill out Form 706?

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  1. 1

    Open Form 706 in the PDF editor.

  2. 2

    Read the instructions carefully to understand requirements.

  3. 3

    Fill in the necessary fields, including decedent information and asset details.

  4. 4

    Review your entries for accuracy.

  5. 5

    Sign the form electronically if applicable.

  6. 6

    Download the completed form.

  7. 7

    Mail it to the IRS at the address specified in the instructions.

Who is required to fill out Form 706?

Form 706 must be completed by the executor of an estate for estate tax purposes. This includes individuals managing the estate.

After completion, the form is used by the IRS to assess estate taxes owed.

When is Form 706 not required?

Form 706 isn't needed if the gross estate is valued below the filing threshold set by the IRS, which can change yearly. Also, estates of individuals who died before a specific date and did not exceed that threshold are exempt from filing this form.

Surviving spouses and certain other beneficiaries usually don’t need to file Form 706 if the estate is below the threshold or if they are the sole inheritors of the estate.

When is Form 706 due?

The deadline for Form 706 is nine months after the date of the decedent's death. If you need more time, you can apply for an extension, but it must be done before the original due date.

Make sure to check for any special rules that might apply, especially if the estate is located in multiple states or if there are any unique circumstances. Always keep a copy of your completed form for your records.

How to get a blank Form 706?

To get a blank Form 706, simply visit our website. The form is pre-loaded in our editor, allowing you to fill it out directly. After completing the form, you can download it for your records or future use.

How to sign Form 706 online?

To sign Form 706 using PDF Guru, first, open the blank version of the form in the PDF editor by clicking on "Fill Form." Complete all necessary fields, ensuring accuracy in your information. Once you've finished filling out the form, you can create a simple electronic signature.

After adding your signature, click "Done" to download the completed form. For specific signature requirements, it’s important to consult official sources like the IRS to ensure compliance with their guidelines.

Where to file Form 706?

Form 706 cannot be filed online. It must be completed and sent by mail to the appropriate IRS address based on the estate's location.

When preparing to file, ensure all information is accurate and complete. Double-check your calculations and include any required attachments to avoid delays.

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Frequently asked questions

  • How do I make a reverse QTIP election on Form 706?

    To make a reverse QTIP election on Form 706, you need to file Schedule R, which allocates GST exemption and ensures that the necessary elections are made correctly to avoid losing unused exemption.

  • When should I file Form 706 vs. 1041?

    Form 706 is due within 9 months of the decedent's death, while Form 1041 is due on the 15th day of the fourth month after the close of the estate's or trust's tax year.

  • What is the difference between Forms 1041 and 706?

    Form 1041 is used for reporting income and deductions of estates and trusts, whereas Form 706 reports the estate's assets and determines estate tax liabilities. Form 706 is specifically for estates of U.S. citizens or residents whose gross estates exceed the federal estate tax exemption.

  • What is the difference between Form 706 and Form 709?

    Form 706 reports estate taxes, including generation-skipping transfers, while Form 709 is for reporting gifts and generation-skipping transfers. Form 706 is needed if the decedent's gross estate exceeds the exemption amount, whereas Form 709 is for gifts made during the decedent's lifetime.

  • How do I make a QTIP election on Form 706?

    To make a QTIP election on Form 706, list the assets passing to the QTIP Trust in Box A of Schedule M. This ensures that the QTIP election is properly made and the exemption is allocated correctly.

  • What funeral expenses are deductible on Form 706?

    Funeral expenses, debts, mortgages, and charitable donations can be listed as deductions to accurately calculate the estate's tax liability on Form 706.

  • What are the penalties for filing Form 706 late?

    Late filings of Form 706 incur penalties and interest on any unpaid estate taxes. Payments made after the due date will be applied first to penalties, then to interest, and finally to tax.

  • How should life insurance proceeds be reported on Form 706?

    Life insurance proceeds are reported as part of the estate's assets. The executor must list the proceeds and any applicable deductions in the appropriate sections of Form 706.

  • What is the filing threshold for Form 706?

    Form 706 is required if the decedent's gross estate, combined with adjusted taxable gifts, exceeds the exemption amount for the year of death. The exemption amount varies by year, but it was $12.06 million in 2022.

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