Instructions For Form 706 - United States Estate (And Generation-Skipping Transfer) Tax Return Page 35
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55insurance or other compensation for the
schedule and item number where the
decedent to the surviving spouse and
loss, state the amount collected. Identify
property is included in the gross estate.
are included in the gross estate.
the property for which you are claiming
If you do not know the exact amount of
However, do not list any nondeductible
the loss by indicating the schedule and
the expense, you may deduct an
terminable interests (described later) on
item number where the property is
estimate, provided that the amount may
Schedule M unless you are making a
included in the gross estate.
be verified with reasonable certainty
QTIP election. The property for which
and will be paid before the period of
you make this election must be included
If you elect alternate valuation, do not
limitations for assessment (referred to
on Schedule M. See Qualified
deduct the amount by which you
earlier) expires. Keep all vouchers and
terminable interest property, later.
reduced the value of an item to include it
receipts for inspection by the IRS.
For the rules on common disaster
in the gross estate.
and survival for a limited period, see
Schedule M—Bequests,
Do not deduct losses claimed as a
section 2056(b)(3).
etc., to Surviving Spouse
deduction on a federal income tax return
You may list on Schedule M only
or depreciation in the value of securities
(Marital Deduction)
those interests that the surviving spouse
or other property.
takes:
If any assets to which the
Expenses Incurred in
special rule of Regulations
!
1. As the decedent's legatee,
Administering Property Not
section 20.2010-2(a)(7)(ii)
devisee, heir, or donee;
CAUTION
Subject to Claims
applies are reported on this schedule,
2. As the decedent's surviving
do not enter any value in the last three
You may deduct expenses incurred in
tenant by the entirety or joint tenant;
columns. See instructions for line 23 of
administering property that is included
3. As an appointee under the
Part 5—Recapitulation for information
in the gross estate but that is not subject
decedent's exercise of a power or as a
on how to estimate and report the value
to claims. Only deduct these expenses
taker in default at the decedent's
of these assets.
if they were paid before the section
nonexercise of a power;
6501 period of limitations for
General
4. As a beneficiary of insurance on
assessment expired.
the decedent's life;
You must complete Schedule M and file
The expenses deductible on this
it with the return if you claim a deduction
5. As the surviving spouse taking
schedule usually are expenses incurred
under dower or curtesy (or similar
on Part 5—Recapitulation, item 21.
in the administration of a trust
statutory interest); and
established by the decedent before
The marital deduction is authorized
6. As a transferee of a transfer
death. They also may be incurred in the
by section 2056 for certain property
made by the decedent at any time.
collection of other assets or the transfer
interests that pass from the decedent to
or clearance of title to other property
the surviving spouse. You may claim the
Property Interests That You
included in the decedent's gross estate
deduction only for property interests that
May Not List on Schedule M
for estate tax purposes, but not included
are included in the decedent's gross
in the decedent's probate estate.
estate (Schedules A through I).
Do not list on Schedule M:
1. The value of any property that
The expenses deductible on this
Note. The marital deduction generally
does not pass from the decedent to the
schedule are limited to those that are
is not allowed if the surviving spouse is
surviving spouse;
the result of settling the decedent's
not a U.S. citizen. The marital deduction
interest in the property or of vesting
2. Property interests that are not
is allowed for property passing to such a
good title to the property in the
included in the decedent's gross estate;
surviving spouse in a qualified domestic
beneficiaries. Expenses incurred on
trust (QDOT) or if such property is
3. The full value of a property
behalf of the transferees (except those
transferred or irrevocably assigned to
interest for which a deduction was
described earlier) are not deductible.
such a trust before the estate tax return
claimed on Schedules J through L. The
Examples of deductible and
is filed. The executor must elect QDOT
value of the property interest should be
nondeductible expenses are provided in
status on the return. See the instructions
reduced by the deductions claimed with
Regulations section 20.2053-8(d).
that follow for details on the election.
respect to it;
List the names and addresses of the
4. The full value of a property
Property Interests That You
persons to whom each expense was
interest that passes to the surviving
May List on Schedule M
payable and the nature of the expense.
spouse subject to a mortgage or other
Generally, you may list on Schedule M
Identify the property for which the
encumbrance or an obligation of the
all property interests that pass from the
expense was incurred by indicating the
surviving spouse. Include on
Example—Listing Property Interests on Schedule M
Item
Description of property interests passing to surviving spouse.
Amount
number
For securities, give CUSIP number. If trust, partnership, or closely held entity, give EIN.
All other property:
B1
One-half the value of a house and lot, 256 South West Street, held by decedent and surviving spouse as joint tenants
with right of survivorship under deed dated July 15, 1975 (Schedule E, Part I, item 1)
$182,500
. . . . . . . . . . . . . . . . . .
B2
Proceeds of Metropolitan Life Insurance Company Policy No. 104729, payable in one sum to surviving spouse
(Schedule D, item 3)
200,000
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B3
Cash bequest under Paragraph Six of will
100,000
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Part Instructions
-35-
ADVERTISEMENT
0 votes
Related Articles
Related forms
Instructions For Form 706 - United States Estate (and Generation-skipping Transfer) Tax Return - 2011
Financial
Instructions For Form 706 - United States Estate (and Generation-skipping Transfer) Tax Return - 2008
Financial
Instructions For Form 706 - United States Estate (and Generation-skipping Transfer) Tax Return - 2005
Financial
Instructions Draft For Form 706-na - United States Estate (and Generation-skipping Transfer) Tax Return Estate Of Nonresident Not A Citizen Of The United States
Financial
Instructions For Form 706-na - United States Estate (and Generation-skipping Transfer) Tax Return - 1999
Financial
Instructions For Form 706-na - United States Estate (and Generation-skipping Transfer) Tax Return - 2007
Financial
Instructions For Form 706-na - United States Estate (and Generation-skipping Transfer) Tax Return - Internal Revenue Service - 2006
Financial
Instructions For Form 706-na - United States Estate (and Generation-skipping Transfer) Tax Return - Internal Revenue Service - 2008
Financial
Related Categories
Parent category: Financial