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Official form guide
Form 706-ST: 706 (Schedule T)
IRS Form 706 (Schedule T) is used to elect special valuation for real property passing to qualified heirs. This form helps file the required election under Reg. section 20.2032A-8(a)(3).
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IRS Form 706-ST - 706 (Schedule T)
IRS Form 706 (Schedule T) is used to elect special valuation for real property passing to qualified heirs. This form helps file the required election under Reg. section 20.2032A-8(a)(3).
Risk Radar
Scan points- 1Failure to attach copies of appraisals showing column (d) values for listed property is a critical error.
- 2Failing to check one option under Part I, line 1 (Qualified use).
- 3Not attaching legal descriptions for real property listed on Part II, line 6.
- 4Omitting copies of appraisals showing column (d) values when filing a Regular Election.
- 5Forgetting to sign the agreement in Part III by each qualified heir.
Plain English
This form tells the IRS that certain inherited properties will be valued differently than usual when calculating estate taxes. It allows the filer to choose between a 'Protective' or 'Regular' election for these specific assets. The completed Schedule T must accompany Form 706.
Submission Date
- Filing date: 2025-08-29 22:10:24
- 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 this form when making an election under Reg. section 20.2032A-8(a)(3) regarding specially valued real property passing to qualified heirs.
- Do not use it when electing a special valuation if you are filing for a regular election and Part IV is not applicable, unless required by other circumstances.
- Check Form 706 (Schedule T) instead when the election pertains to different specific details or requires additional names/signatures.
Form selector
Use this form or another form?
Election Type
Used for electing special valuation under Section 2032A.
✓ Check Part I, line 1 vs. line 2.
Real Property Listed on Line 6
Requires attachment of legal description and appraisals showing column (d) values.
✓ Ensure all property is also listed on Form 706 Schedules A, E, F, G, or H.
Additional Signatures
Used to add names/signatures for qualified heirs or other interested parties.
✓ Confirm the attached copies match the required list of signatories.
Deadline or filing window
The election must be made before entering the real property into the estate. If making a Regular Election, completing all of Part II and Part III is required for validity. Not stated in the official source regarding specific extension dates.
Checklist
What you need before filling it out
Type of Election
Protective election OR Regular election · Part I
Total Gross Estate Value
Total from Part II, line 2(e) / Part IV, if applicable · Part II, Line 2
Real Property Listed on Line 6
Legal description AND appraisal copies showing column (d) values · Part II, Line 6
Total from Additional Lines (Part II/III)
Sum of lines 11 and 12 (for Regular Election) · Part III, Line 13
Additional Signatures
Names and signatures for extra parties · Part IV
Before you submit
- 1Confirm Decedent's name and SSN are correctly entered (Page 1).
- 2Ensure the agreement in Part III is signed by each qualified heir with an interest in the specially valued property.
- 3Verify that all real property listed on lines 6 or 10 has a legal description attached.
- 4If filing a Regular Election, confirm appraisals showing column (d) values are attached for all property.
- 5Calculate and enter totals correctly in Part II, Line 9 and Part III, Line 13.
- 6Sign the form on Page 7 as each qualified heir and other interested party.
- 7Attach additional copies of Part IV if any extra names/signatures were used.
How to file this form
- 1Complete all required sections (Part I, II, III, and IV if applicable) using the current edition of Schedule T (Form 706).
- 2Ensure that every real property listed on lines 6 or 10 is also entered on Form 706 Schedules A, E, F, G, or H.
- 3Sign all required sections on Page 7 in witness whereof by each qualified heir and other interested party.
- 4Attach the signed agreement from Part III to the form before submission.
- 5Submit the completed Schedule T (Form 706) along with any necessary supporting documentation (appraisals, legal descriptions).
- 6Keep a copy of the fully executed Form 706 for your records.
Known limitations
- 1The election must be made for property passing to qualified heirs.
- 2If personal property is listed, its value entered in Part II, line 14 must be the adjusted value (with section 2032A(b)(3)(B) adjustment).
- 3For real property specially valued on Form 706 (Part II, line 6), appraisals showing column (d) values must be attached.
- 4If Part I, line 2 'Regular Election' is checked, copies of appraisals showing column (d) values for all listed real property must be attached in Part II, line 10.
- 5The agreement to special valuation must be signed by each qualified heir with an interest in the specially valued property.
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->The current edition is 08/25 (August 2025); the form directs users to www.irs.gov/Form706 for instructions and the latest information.
What changed or needs a fresh check
- Edition date — confirm it reads 08/25.
- Official Title — confirm it is 'Schedule T (Form 706)' ('August 2025').
- Signature Requirement — confirm all qualified heirs and other interested parties sign on Page 7, unless using Part IV.
- Part I Election Check — confirm the appropriate box (Protective or Regular) is checked.
Quick Facts
Downloads
After you file
- 1Keep a copy of the completed Schedule T (Form 706) for records.
- 2Ensure that the agreement in Part III is attached to Form 706 at the time of filing.
- 3If additional parties are listed in Part IV, ensure those names and signatures are included on the filed copies.
- 4A computation of the GST tax savings attributable to direct skips must be attached for each skip person listed in Part II, line 18.
- 5The form was previously named Schedule A-1 (Form 706) in year 2024 and earlier.
Sources
- SRCForm 706 (Schedule T) is dated August 2025 on Form p.1.
- SRCThe form was previously named Schedule A-1 (Form 706) in year 2024 and earlier, as noted on Form p.1.
- SRCA valid election requires the agreement in Part III to be signed by each qualified heir and attached to Form 706 at filing time (Form p.1).
- SRCPart II, line 6 covers real property specially valued, requiring attachment of legal descriptions and appraisals showing column (d) values (Form p.2).
- SRCFor personal property listed on Part II, line 14, only the adjusted value (column d) is required for listing (Form p.4).
- SRCPart II, line 18 requires attaching a computation of GST tax savings if the person receiving interest is a skip person (Form p.5).
Common confusion points
What is the difference between 'Full value' and 'Adjusted value'?
Full value is the amount without a section 2032A(b)(3)(B) adjustment, while Adjusted value includes that specific adjustment.
When must I attach appraisals if I am using Part II, line 10 (Real property not specially valued)?
If you are using Part II, line 6 (Specially valued real property), what do you need to attach?
What happens if there is more space needed for the Agreement in Part III?
Which value should be used when listing personal property on Part II, line 14?
Do all heirs have to sign the agreement in Part III?
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- The IRS may issue regulations requiring more information to substantiate a Woodlands election, notifying you of this requirement.
Questions about IRS Form 706-ST
What is IRS Form 706-ST used for?
This form tells the IRS that certain inherited properties will be valued differently than usual when calculating estate taxes. It allows the filer to choose between a 'Protective' or 'Regular' election for these specific assets. The completed Schedule T must accompany Form 706.
Who must file IRS Form 706-ST?
The parties who file this form are those entering real property into the estate that is being specially valued and passing to qualified heirs.
What information does IRS Form 706-ST require?
Part I identifies the Type of Election, while Part II details the Notice of Election. It collects information on property values (full, adjusted, special-use), interested persons in Part II, line 18, and agreements in Part III.
Where do I file IRS Form 706-ST?
The form must be filed with Form 706. Not stated in the official source which specific service center to use for mailing.
How do I complete IRS Form 706-ST?
First, complete Part I to select either a Protective or Regular election. Next, fill out Part II with details about the property (lines 6, 10, and 14), then list the interested parties in line 18. Finally, execute Part III by all qualified heirs.
What happens if IRS Form 706-ST is filed incorrectly?
If an agreement is not executed by each qualified heir, a valid election cannot exist. The agent signing Part III agrees to notify the IRS of any disposition or cessation of the qualified use.
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