Estate Tax Return (Form 706)

The Estate Tax Return, known as Form 706, is a federal tax form used to report the value of a deceased person's estate. This form is required when an estate's value exceeds a certain threshold, requiring taxes to be paid before assets are distributed to beneficiaries. It details the deceased's assets, debts, and deductions, determining the estate's tax liability. Executors or administrators typically file this form within nine months of the individual's death. Understanding and completing Form 706 is crucial to ensure compliance with tax laws and to manage the estate's finances properly.