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Form 706-SM: 706 (Schedule M)
Form 706‑SM, Schedule M, is part of the estate tax return (Form 706). It reports foreign death taxes paid to claim a credit against U.S. estate tax. File it when the decedent’s estate paid taxes to a foreign country on the same property.
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IRS Form 706-SM - 706 (Schedule M)
Form 706‑SM, Schedule M, is part of the estate tax return (Form 706). It reports foreign death taxes paid to claim a credit against U.S. estate tax. File it when the decedent’s estate paid taxes to a foreign country on the same property.
Risk Radar
Scan points- 1A single mis‑calculated foreign‑tax credit can add thousands of dollars to the estate’s tax bill.
- 2Incorrect foreign‑currency conversion rate
- 3Omitting a foreign tax payment
- 4Mismatched totals between Schedule M and Form 706
- 5Failing to attach required foreign tax certification
Plain English
When an estate owes both U.S. and foreign death taxes, Schedule M tells the IRS how much foreign tax was paid so the estate can reduce its U.S. estate‑tax bill. It’s a supplemental worksheet attached to the main Form 706.
Submission Date
- Filing date: 2025-08-27 22:10:19
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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What this form is for
- Use when the estate paid death tax to a foreign government.
- Do not use if only U.S. estate tax was owed.
- If the estate received a foreign tax credit on a different return, verify the correct schedule.
Form selector
Use this form or another form?
Estate owes only U.S. tax
No foreign credit needed
✓ Verify no foreign tax was paid
Foreign tax credit claimed on estate’s income tax return
Different credit rules
✓ Confirm it’s not a death‑tax credit
Deadline or filing window
Schedule M must be filed with Form 706 by the estate‑tax filing deadline (9 months after death). If an extension is granted, the same extended date applies to Schedule M. No separate deadline exists.
- —Foreign tax paid (local currency) | Convert using IRS rate for payment date | U.S. dollars of foreign tax | Use correct rate table
Checklist
What you need before filling it out
Line 1 – Foreign tax paid
Payment receipt or bank statement · Tax authority’s statement
Line 2 – Country of tax
Certificate of tax paid · Foreign tax authority document
Conversion rate
IRS published rate table · Publication 514
Credit calculation
Schedule M worksheet · Form 706 totals
Before you submit
- 1All foreign tax receipts are attached
- 2Currency conversion uses the correct IRS rate
- 3Totals on Schedule M match the amounts on Form 706
- 4Executor’s signature appears on Form 706
- 5Form 706 and Schedule M are on the same paper size and orientation
- 6Mailing envelope includes correct IRS Service Center address
- 7Proof of mailing or electronic submission confirmation is retained
- 8Extension request (if needed) filed before original deadline
- 9Check that the schedule version matches the tax year
- 10Verify no duplicate foreign‑tax credit on other returns
How to file this form
- 1Collect foreign tax payment documents and conversion rates.
- 2Complete Schedule M line by line, entering amounts in U.S. dollars.
- 3Reconcile Schedule M totals with Form 706 calculations.
- 4Attach Schedule M to the completed Form 706.
- 5Sign the Form 706 as executor.
- 6Mail the packet to the IRS address for Form 706 or submit electronically.
- 7Keep a copy of the mailing receipt or e‑file confirmation.
Known limitations
- 1IRS instructions do not provide a built‑in calculator; users must compute conversions manually.
- 2Foreign‑tax credit is limited to the U.S. tax attributable to the same property; the schedule does not verify that limit.
- 3Schedule M does not accept electronic signatures; a wet signature is required on Form 706.
- 4The form does not capture partial year foreign tax payments; users must prorate manually.
Field map
Compact field-by-field guide
Decedent Info
2 items
Full legal name and date of death of the deceased individual.
Employer Identification Number assigned to the estate.
Executor
1 items
Name, address, and contact information of the appointed executor.
Assets
1 items
Total value of all assets owned by the decedent at time of death.
Deductions
1 items
Funeral expenses, debts, administrative costs, and charitable bequests.
Tax
1 items
Tax calculated on taxable estate exceeding the applicable exemption amount.
Signatures
1 items
The appointed executor must sign under penalty of perjury.
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Fillable formOpen in Editor->Form 706‑SM is a current schedule for tax years 2022 onward. Check the IRS website for the latest revision date before filing.
What changed or needs a fresh check
- Edition date – verify the schedule is the 2024 revision
- Fee – no separate filing fee for Schedule M
- Mailing address – use the address in the Form 706 instructions
- Electronic filing – confirm e‑file software supports Schedule M
- Signature – executor must sign the attached Form 706
Quick Facts
Downloads
After you file
- 1Store all foreign tax receipts and conversion rate tables for at least 7 years.
- 2Track the IRS acknowledgement or acceptance notice.
- 3Monitor the estate’s account for any credit adjustments or notices of deficiency.
- 4If a credit is reduced, be prepared to provide additional documentation.
- 5Update the estate’s final accounting to reflect the foreign‑tax credit applied.
- 6Retain the signed Form 706 and Schedule M with the estate’s records.
Sources
- SRCForm 706 instructionsschedule list includes Schedule M for foreign death tax credit
- SRCIRS Publication 514foreign tax credit rules for estates
- SRCIRS websitefiling address for Form 706
- SRCIRS Revenue Procedurecurrency conversion tables
- SRCForm 706‑SM (Schedule M) PDFline items and required attachments
- SRCNot found in provided sourceexact deadline extensions for Schedule M
- SRCNot found in provided sourceelectronic filing support details
Common confusion points
Foreign tax vs. foreign income tax
Different credits
→ Verify the tax is a death tax
Currency conversion date
Some use payment date, others use filing date
→ Use the date shown on the receipt
Credit limitation calculation
Estate may exceed allowable credit
→ Re‑calculate using Form 706 line 14
Attachment requirement
Some think Schedule M can be filed separately
→ It must be attached to Form 706
Extension filing
Assuming Schedule M gets an automatic extension
→ Extension must be requested on Form 706
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- File Form 706‑X to amend the estate return
Source transparency
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