706 Form

Form 706 is a tax form that is filed by an executor of a decedent’s estate to figure out the tax owed according to Chapter 11 of the IRC. Form 706 is also used for calculating the amount owed for generation-skipping transfer tax, known as the GSTT. 

This tax form is mandatory to file if the deceased US citizen or permanent resident’s gross estate, specific exemptions, and adjusted taxable gifts exceed 11.7 million. For the taxes due on trust distributions subject to the GSTT, use Form 706 GS-(D), not Form 706 itself.

Figuring out the exclusion amount

When filling out Form 706, you will need to determine if the estate exceeds the exclusion amount. This includes all the properties which the decedent had an interest; including the property outside the US soil, transfers made during the decedent’s life without adequate consideration, certain life insurance proceeds, property over which the decedent had a general power of appointment, curtesy or dower of the surviving spouse, and the includable parts of tenancies by the entirety.

Form 706 Filing Deadline and Mailing

Form 706 must be filed within nine months from the date of the decedent’s death. Since Form 706 can take a lot of time due to the large scale of information that needs to be provided, an extension can be requested. Unlike a federal income tax extension, Form 706 extension must be applied using Form 4768 – Application for Extension of Time to File a Return and/or Pay US Estate Taxes.

As for mailing Form 706, mail it to:

Department of the Treasury
Internal Revenue Service
Kansas City, MO 64999

Use the above mailing address when mailing Form 706 with the USPS. If you’re using a private delivery service such ass UPS, FedEx, etc. mail it to:

Internal Revenue Submission Processing Center
333 W. Pershing Road
Kansas City, MO 64108

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