Estate Tax Form 706

When filing estate taxes, it is crucial to understand the detailed guidance the IRS provides for the submission of Estate Tax Form 706

Estate Value Threshold

Follow the IRS detailed guidance

When filing estate taxes, it is important to properly understand and follow the detailed guidance the IRS provides. The Internal Revenue Service (IRS) requires filing an estate tax return based on the gross estate value threshold. If the total value of an estate’s assets exceeds a certain threshold, an estate tax return must be filed.

It is important to note that not all assets are included in an estate for tax purposes. The IRS considers various factors when determining which assets should be included. Generally, assets such as real property (real estate), personal property (contents), bank accounts, and investments are included in the gross estate.

IRS Qualified Appraisers

Tax Estate Valuation Support

ValuePros IRS-qualified appraisers value an estate’s residential and commercial real estate and home and business personal property for estate tax purposes nationwide. As a single source of certified valuation that meets IRS requirements for all tangible estate assets nationwide, we reduce the time and complexity of managing multiple appraisal services in multiple locations for a single return.

To comply with IRS regulations and instructions on filing estate taxes, individuals must complete and submit Form 706 – United States Estate (and Generation-Skipping Transfer) Tax Return. This form provides detailed information about the decedent’s assets, deductions, and calculations necessary for determining the taxable amount.

Click on this button to view instructions for IRS Form 706:

By understanding these regulations and following the instructions provided by the IRS, individuals can ensure that they fulfill their obligations when it comes to filing estate taxes accurately and in a timely manner. We strongly recommend utilizing the expertise of an estate tax professional.