Looking for a Form 706 Templates? Download it for free!

•

with the return if the decedent owned

for Schedules A, B, C, and F for the

Any interest in an Archer medical

any joint property at the time of death,

type of property involved.

savings account (MSA) or health

whether or not the decedent’s interest

savings account (HSA), unless such

In the “Percentage includible”

is includible in the gross estate.

interest passes to the surviving spouse;

column, enter the percentage of the

and

Enter on this schedule all property of

total value of the property that you

•

Insurance on the life of another

whatever kind or character, whether

intend to include in the gross estate.

(obtain and attach Form 712, for each

real estate, personal property, or bank

Generally, you must include the full

policy).

accounts, in which the decedent held at

value of the jointly owned property in

the time of death an interest either as a

Note (for single premium or paid-up

the gross estate. However, the full

joint tenant with right to survivorship or

policies). In certain situations, for

value should not be included if you can

as a tenant by the entirety.

example, where the surrender value of

show that a part of the property

the policy exceeds its replacement cost,

Do not list on this schedule property

originally belonged to the other tenant

the true economic value of the policy

that the decedent held as a tenant in

or tenants and was never received or

will be greater than the amount shown

common, but report the value of the

acquired by the other tenant or tenants

on line 59 of Form 712. In these

interest on Schedule A if real estate, or

from the decedent for less than

situations, you should report the full

on the appropriate schedule if personal

adequate and full consideration in

economic value of the policy on

property. Similarly, community property

money or money’s worth, or unless you

Schedule F. See Revenue Ruling

held by the decedent and spouse

can show that any part of the property

78-137, 1978-1 C.B. 280 for details.

should be reported on the appropriate

was acquired with consideration

•

Section 2044 property (see Decedent

Schedules A through I. The decedent’s

originally belonging to the surviving joint

Who Was a Surviving Spouse below);

interest in a partnership should not be

tenant or tenants. In this case, you may

•

Claims (including the value of the

entered on this schedule unless the

exclude from the value of the property

decedent’s interest in a claim for refund

partnership interest itself is jointly

an amount proportionate to the

of income taxes or the amount of the

owned. Solely owned partnership

consideration furnished by the other

refund actually received);

interests should be reported on

tenant or tenants. Relinquishing or

•

Rights;

Schedule F, “Other Miscellaneous

promising to relinquish dower, curtesy,

•

Royalties;

Property Not Reportable Under Any

or statutory estate created instead of

•

Leaseholds;

Other Schedule.”

dower or curtesy, or other marital rights

•

Judgments;

in the decedent’s property or estate is

Part 1. Qualified joint interests held

•

Reversionary or remainder interests;

not consideration in money or money’s

by decedent and spouse. Under

•

Shares in trust funds (attach a copy

worth. See the Schedule A instructions

section 2040(b)(2), a joint interest is a

of the trust instrument);

for the value to show for real property

qualified joint interest if the decedent

•

Household goods and personal

that is subject to a mortgage.

and the surviving spouse held the

effects, including wearing apparel;

interest as:

If the property was acquired by the

•

Farm products and growing crops;

•

Tenants by the entirety, or

decedent and another person or

•

Livestock;

•

Joint tenants with right of

persons by gift, bequest, devise, or

•

Farm machinery; and

survivorship if the decedent and the

inheritance as joint tenants, and their

•

Automobiles.

decedent’s spouse are the only joint

interests are not otherwise specified by

tenants.

Interests. If the decedent owned any

law, include only that part of the value

interest in a partnership or

of the property that is figured by

Interests that meet either of the two

unincorporated business, attach a

dividing the full value of the property by

requirements above should be entered

statement of assets and liabilities for

the number of joint tenants.

in Part 1. Joint interests that do not

the valuation date and for the 5 years

meet either of the two requirements

If you believe that less than the full

before the valuation date. Also, attach

above should be entered in Part 2.

value of the entire property is includible

statements of the net earnings for the

in the gross estate for tax purposes,

Under “Description,” describe the

same 5 years. Be sure to include the

you must establish the right to include

property as required in the instructions

EIN of the entity. You must account for

the smaller value by attaching proof of

for Schedules A, B, C, and F for the

goodwill in the valuation. In general,

the extent, origin, and nature of the

type of property involved. For example,

furnish the same information and follow

decedent’s interest and the interest(s)

jointly held stocks and bonds should be

the methods used to value close

of the decedent’s co-tenant or

described using the rules given in the

corporations. See the instructions for

co-tenants.

instructions to Schedule B.

Schedule B.

In the “Includible alternate value”

Under “Alternate value” and “Value

All partnership interests should be

and “Includible value at date of death”

at date of death,” enter the full value of

reported on Schedule F unless the

columns, you should enter only the

the property.

partnership interest, itself, is jointly

values that you believe are includible in

Note. You cannot claim the special

owned. Jointly owned partnership

the gross estate.

treatment under section 2040(b) for

interests should be reported on

property held jointly by a decedent and

Schedule E.

Schedule F—Other

a surviving spouse who is not a U.S.

If real estate is owned by the sole

citizen. You must report these joint

Miscellaneous Property

proprietorship, it should be reported on

interests on Part 2 of Schedule E, not

Schedule F and not on Schedule A.

Part 1.

You must complete Schedule

Describe the real estate with the same

Part 2. All other joint interests. All

F and file it with the return.

detail required for Schedule A.

joint interests that were not entered in

Valuation discounts. If you

On Schedule F, list all items that must

Part 1 must be entered in Part 2.

be included in the gross estate that are

answered “Yes” to Part 4 — General

For each item of property, enter the

not reported on any other schedule,

Information, line 10b for any interest in

appropriate letter A, B, C, etc., from line

including:

miscellaneous property not reportable

2a to indicate the name and address of

•

Debts due the decedent (other than

under any other schedule owned by the

the surviving co-tenant.

notes and mortgages included on

decedent at the time of death, attach a

Under “Description,” describe the

Schedule C);

statement that lists the item number

•

property as required in the instructions

Interests in business;

from Schedule F and identifies the total

-19-

Part Instructions

Instructions For Form 706 - United States Estate (And Generation-Skipping Transfer) Tax Return - 2011 Page 19

Related Articles

Related forms

Related Categories