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Who Must File a 706 Tax Return?

Who Must File a 706 Tax Return?

Taxes are the last thing you want to worry about when a family member passes away. Knowing the facts about when you are required to file a tax return for someone else's estate can make the process less stressful when the occasion arises.

History

    Chapter 11 of the Internal Revenue Code requires that before certain estates of deceased persons are inherited, they are taxed. Administrators of these estates use Form 706 to determine the amount of this tax.

Who Must File

    The IRS defines the word executor as the "personal representative, or administrator of the decedent's estate." In the case that you inherit or possess property of the deceased person and there is no official executor, you become one and are responsible for filing a return. As an executor, you have nine months from the date of the person's death to file a return.

Which Estates Must File

    To determine the value of an estate, the IRS adds "gross estate, plus adjusted taxable gifts and specific exemption." The estate is valued at the time of the person's death, and taxable gifts are any gifts given by the deceased person after 1976. For persons who passed away in 2009, you are required to file a Form 706 for the estate if the value is greater than $3,500,000. Because this number is subject to change on a yearly basis, be sure to consult the IRS's "Instructions for Form 706" before filing.


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