Form detail
IRS Form 706
United States Estate (and Generation-Skipping Transfer) Tax Return
Country
United States
Revision year
2024
Methods
paper
Updated
2026-05-20
United States Estate (and Generation-Skipping Transfer) Tax Return
Federal estate tax return used to compute estate tax liability and to elect portability of the deceased spouse's unused exclusion amount (DSUE).
Who must file: Executors of estates of U.S. citizens or residents whose gross estate plus adjusted taxable gifts exceeds the applicable filing threshold for the year of death, and executors who wish to make a portability election even if no tax is due.
Practical overview
Even when the federal estate tax exclusion is high, executors often file Form 706 solely to preserve portability of the unused exclusion for a surviving spouse, which can shield substantial future appreciation. Valuation of closely-held businesses, real estate, and life insurance is a frequent audit issue, and missed alternate valuation date elections under IRC § 2032 cannot be unwound. Generation-skipping transfer tax allocation is reported on Schedules R and R-1.
Practical steps
- Inventory all assets owned at death, including life insurance under IRC § 2042 and revocable trust assets.
- Obtain qualified appraisals of real estate, closely-held businesses, and other illiquid assets.
- Decide on alternate valuation date and special-use valuation elections.
- Compute the gross estate, deductions, taxable estate, and applicable credit.
- If electing portability, ensure the timely filed return contains a complete and proper election.
Due-date notes
9 months after the date of death.
Timing: date-of-death+9mo
Extension reference: Form 4768 (6-month automatic)
Penalty snapshot
Failure-to-file and failure-to-pay penalties under IRC § 6651; valuation misstatement penalties under IRC § 6662 for substantial or gross undervaluation.
Related citations
Computed from the cross-reference graph. Links open the related entity on this site.
This entry cites
- FormIRS 709
Cited by
- FormIRS 709
Primary sources
- About Form 706Verified 2026-05-20
- Instructions for Form 706Verified 2026-05-20
Important disclaimer
This library is for general tax education only. Always verify filing obligations, due dates, and tax consequences against the cited primary source or with a qualified tax professional.