Instructions for IRS Form 706 United States Estate (And Generation-Skipping Transfer) Tax Return

IRS Form 706 United States Estate (And Generation-Skipping Transfer) Tax Return

This document contains official instructions for IRS Form 706 , United States Estate (And Generation-Skipping Transfer) Tax Return - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 706 is available for download through this link.

FAQ

Q: What is IRS Form 706?
A: IRS Form 706 is the United States Estate (And Generation-Skipping Transfer) Tax Return.

Q: Who needs to file IRS Form 706?
A: IRS Form 706 is filed by the executor of an estate when the value of the estate exceeds a certain threshold.

Q: What is the purpose of filing IRS Form 706?
A: The purpose of filing IRS Form 706 is to calculate and pay any estate taxes that may be due.

Q: What information is required to complete IRS Form 706?
A: IRS Form 706 requires detailed information about the assets, deductions, and transfers made by the decedent.

Q: When is IRS Form 706 due?
A: IRS Form 706 is generally due within nine months of the decedent's date of death, with extensions available in certain circumstances.

Q: Are there any penalties for late filing of IRS Form 706?
A: Yes, there are penalties for late filing of IRS Form 706, including interest charges on any tax owed.