Instructions For Form 706 - United States Estate (And Generation-Skipping Transfer) Tax Return Page 26
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55on how to estimate and report the value
believe are includible in the gross
Part 2. All other joint interests. All
of these assets.
estate.
joint interests that were not entered in
Part 1 must be entered in Part 2.
If you are required to file Form 706,
Schedule F—Other
complete Schedule E and file it with the
For each item of property, enter the
Miscellaneous Property
return if the decedent owned any joint
appropriate letter A, B, C, etc., from
property at the time of death, whether or
line 2a to indicate the name and
If any assets to which the
not the decedent's interest is includible
address of the surviving co-tenant.
special rule of Regulations
!
in the gross estate.
Under “Description,” describe the
section 20.2010-2(a)(7)(ii)
CAUTION
property as required in the instructions
applies are reported on this schedule,
Enter on this schedule all property of
for Schedules A, B, C, and F for the type
do not enter any value in the last three
whatever kind or character, whether real
of property involved.
columns. See instructions for line 10 of
estate, personal property, or bank
Part 5—Recapitulation for information
accounts, in which the decedent held at
In the “Percentage includible”
on how to estimate and report the value
the time of death an interest either as a
column, enter the percentage of the
of these assets.
joint tenant with right to survivorship or
total value of the property included in
as a tenant by the entirety.
the gross estate.
You must complete Schedule F
Generally, you must include the full
and file it with the return. On
Do not list on this schedule property
value of the jointly owned property in the
Schedule F, list all items that must be
that the decedent held as a tenant in
gross estate. However, the full value
included in the gross estate that are not
common, but report the value of the
should not be included if you can show
reported on any other schedule,
interest on Schedule A if real estate, or
that a part of the property originally
including:
on the appropriate schedule if personal
belonged to the other tenant or tenants
Debts due the decedent (other than
property. Similarly, community property
and was never received or acquired by
notes and mortgages included on
held by the decedent and spouse
the other tenant or tenants from the
Schedule C);
should be reported on the appropriate
decedent for less than adequate and full
Interests in business;
Schedules A through I. The decedent's
consideration in money or money's
Any interest in an Archer medical
interest in a partnership should not be
worth. Full value of jointly owned
savings account (MSA) or health
entered on this schedule unless the
property also does not have to be
savings account (HSA), unless such
partnership interest itself is jointly
included in the gross estate if you can
interest passes to the surviving spouse;
owned. Solely owned partnership
show that any part of the property was
Insurance on the life of another
interests should be reported on
acquired with consideration originally
(obtain and attach Form 712, for each
Schedule F.
belonging to the surviving joint tenant or
policy);
Part 1. Qualified joint interests held
tenants. In this case, you may exclude
by decedent and spouse. Under
Note (for single premium or paid-up
from the value of the property an
section 2040(b)(2), a joint interest is a
policies). In certain situations (for
amount proportionate to the
qualified joint interest if the decedent
example, where the surrender value of
consideration furnished by the other
and the surviving spouse held the
the policy exceeds its replacement
tenant or tenants. Relinquishing or
interest as:
cost), the true economic value of the
promising to relinquish dower, curtesy,
Tenants by the entirety, or
policy will be greater than the amount
or statutory estate created instead of
Joint tenants with right of survivorship
shown on line 59 of Form 712. In these
dower or curtesy, or other marital rights
if the decedent and the decedent's
situations, report the full economic value
in the decedent's property or estate is
spouse are the only joint tenants.
of the policy on Schedule F. See Rev.
not consideration in money or money's
Rul. 78–137, 1978–1 C.B. 280 for
Interests that meet either of the two
worth. See the Schedule A instructions
details.
requirements above should be entered
for the value to show for real property
Section 2044 property (see Decedent
in Part 1. Joint interests that do not meet
that is subject to a mortgage.
Who Was a Surviving Spouse, later);
either of the two requirements above
If the property was acquired by the
Claims (including the value of the
should be entered in Part 2.
decedent and another person or
decedent's interest in a claim for refund
Under “Description,” describe the
persons by gift, bequest, devise, or
of income taxes or the amount of the
inheritance as joint tenants, and their
property as required in the instructions
refund actually received);
for Schedules A, B, C, and F for the type
interests are not otherwise specified by
Rights;
of property involved. For example,
law, include only that part of the value of
Royalties;
jointly held stocks and bonds should be
the property that is figured by dividing
Leaseholds;
described using the rules given in the
the full value of the property by the
Judgments;
instructions to Schedule B.
number of joint tenants.
Reversionary or remainder interests;
Under “Alternate value” and “Value at
If you believe that less than the full
Shares in trust funds (attach a copy of
date of death,” enter the full value of the
value of the entire property is includible
the trust instrument);
property.
in the gross estate for tax purposes, you
Household goods and personal
must establish the right to include the
effects, including wearing apparel;
Note. You cannot claim the special
smaller value by attaching proof of the
Farm products and growing crops;
treatment under section 2040(b) for
extent, origin, and nature of the
Livestock;
property held jointly by a decedent and
decedent's interest and the interest(s) of
Farm machinery; and
a surviving spouse who is not a U.S.
the decedent's co-tenant or co-tenants.
Automobiles.
citizen. Report these joint interests on
In the “Includible alternate value” and
Interests. If the decedent owned any
Part 2 of Schedule E, not Part 1.
“Includible value at date of death”
interest in a partnership or
columns, enter only the values that you
unincorporated business, attach a
-26-
Part Instructions
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