IRS

Form 706-SK

Estate & Gift Tax (706/709 Series)

706 (Schedule K)

IRS Form 706-SK — 706 (Schedule K). Official IRS tax form (80.26 KB). Get AI-powered field-by-field guidance in the BrieflyGo AI Editor.

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Plain English

This form is used to report large estates or gifts to the IRS. If someone passes away with significant assets, their estate may need to file this to calculate estate tax. Similarly, individuals who make large gifts above the annual exclusion amount report them here. Most estates and gifts under the exemption threshold do not owe tax.

Quick Facts

Who: Executors, administrators, and representatives of estates, or individuals making large gifts subject to gift tax.
What: 706 (Schedule K) — used to report estate transfers, gift transactions, and calculate applicable estate or gift tax.
When: Estate tax returns are due 9 months after death; gift tax returns are due by April 15 of the following year.
Where: Filed with the IRS. Estate tax returns are filed at the IRS service center for the decedent's residence.
Why: Federal estate and gift tax applies to large transfers of wealth exceeding applicable exemption amounts.
How: Provide detailed information about assets, deductions, and beneficiaries, then calculate tax using applicable rates and exemptions.

Common Risks & Mistakes

  • •Entering incorrect taxpayer identification information — verify SSN or EIN matches IRS records
  • •Missing the applicable filing deadline — late filing can result in penalties and interest
  • •Incomplete or missing required information — fill in all applicable fields
  • •Not keeping a copy of the completed form for your records
  • •Failing to attach required supporting documents or schedules

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Field-by-Field Guide

Decedent Info
Decedent Name and Date of DeathREQUIREDtext

Full legal name and date of death of the deceased individual.

EIN for EstateREQUIREDein

Employer Identification Number assigned to the estate.

Executor
Executor or RepresentativeREQUIREDtext

Name, address, and contact information of the appointed executor.

Assets
Gross Estate ValueREQUIREDamount

Total value of all assets owned by the decedent at time of death.

Deductions
Total DeductionsREQUIREDamount

Funeral expenses, debts, administrative costs, and charitable bequests.

Tax
Estate TaxREQUIREDamount

Tax calculated on taxable estate exceeding the applicable exemption amount.

Signatures
Executor SignatureREQUIREDsignature

The appointed executor must sign under penalty of perjury.

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Form Stats

80.26 KB
Size
2025-08-27 22:10:13
Date

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Disclaimer: We do not provide legal advice. We translate legal language into plain English and help you prepare for a conversation with a lawyer.