IRS Form 706

IRS Form 706 is the federal estate tax return filed by the executor of a decedent’s estate. It calculates the total value of the deceased’s estate, including property and assets, to determine if any estate tax is owed. The form also documents deductions, credits, and applicable exemptions to help reduce potential taxes. Filing is required if the estate exceeds the IRS filing threshold, which can vary over time. Essentially, it’s a detailed report used by the IRS to assess whether estate taxes are due and ensure the proper transfer of assets to beneficiaries.