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Form 706 IN: What You Should Know

Chapter 11 does not apply if more than 50,000 in total gross estate value is includible in the gross estate. If the estate has gross estate value of 50,000 or more, the executor uses Form 712. This form has three sections. The first part, “Income and Expenses,” includes the gross estate income and expenses reported in the original return filed with the IRS after the death (for 2023 decedents) and is required if the taxable gross estate amounts more than 10,000. The form also is used to calculate the value of property, including real property and intangible property (such as stock, shares of stocks, and bonds), if any, included in the gross estate value. The second part of Form 712, “Gross and Net Value of the Estate,” includes the total value of real property and intangible property, including the value of a decedent's shares of stock, if any, reported on Form 706 and the 10,000 total value limitation for a decedent who died in 2023 with 10,000 gross estate value. The third part of the form, “Income Tax Withholding,” determines how much of the estate tax owed (based on the estate tax table in the original return filed with the IRS after the death) is imposed on the value included on Form 706. A decedent's spouse or the decedent's estate also need to file Form 706 if the surviving spouse or estate has gross estate value of 1,000 or more. If the surviving spouse is the same person as the decedent and the decedent's estate includes the decedent's shares of stock on Form 706, the surviving spouse or estate must also file Form 706. If the surviving spouse is not the same person as the decedent and the estate has a valued estate, the surviving spouse or the estate must file Form 714. In addition to filing these forms together with the estate tax return, executors or other family members also must fill out the Personal Property Depreciation table in the estate tax return.  If any of the above items apply to the estate, but did not appear in the original return as income or expenses then fill out a new Form 706. If any item from the table was not included, do not use Form 706.

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