Form 706 - United States Estate (And Generation-Skipping Transfer) Tax Return Page 18
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46Form 706 (Rev. 11-01)
Instructions for Schedule E—Jointly Owned
Part 2—Other joint interests. All joint interests that
were not entered in Part 1 must be entered in Part 2.
Property
For each item of property, enter the appropriate
If you are required to file Form 706, you must complete
letter A, B, C, etc., from line 2a to indicate the name
Schedule E and file it with the return if the decedent
and address of the surviving co-tenant.
owned any joint property at the time of death, whether
Under “Description,” describe the property as
or not the decedent’s interest is includible in the gross
estate.
required in the instructions for Schedules A, B, C, and
F for the type of property involved.
Enter on this schedule all property of whatever kind
or character, whether real estate, personal property, or
In the “Percentage includible” column, enter the
bank accounts, in which the decedent held at the time
percentage of the total value of the property that you
intend to include in the gross estate.
of death an interest either as a joint tenant with right to
survivorship or as a tenant by the entirety.
Generally, you must include the full value of the
jointly owned property in the gross estate. However,
Do not list on this schedule property that the
the full value should not be included if you can show
decedent held as a tenant in common, but report the
that a part of the property originally belonged to the
value of the interest on Schedule A if real estate, or on
other tenant or tenants and was never received or
the appropriate schedule if personal property. Similarly,
acquired by the other tenant or tenants from the
community property held by the decedent and spouse
decedent for less than adequate and full consideration
should be reported on the appropriate Schedules A
through I. The decedent’s interest in a partnership
in money or money’s worth, or unless you can show
should not be entered on this schedule unless the
that any part of the property was acquired with
partnership interest itself is jointly owned. Solely
consideration originally belonging to the surviving joint
tenant or tenants. In this case, you may exclude from
owned partnership interests should be reported on
the value of the property an amount proportionate to
Schedule F, “Other Miscellaneous Property.”
the consideration furnished by the other tenant or
Part 1—Qualified joint interests held by decedent
tenants. Relinquishing or promising to relinquish dower,
and spouse. Under section 2040(b)(2), a joint interest
curtesy, or statutory estate created instead of dower or
is a qualified joint interest if the decedent and the
curtesy, or other marital rights in the decedent’s
surviving spouse held the interest as:
property or estate is not consideration in money or
● Tenants by the entirety, or
money’s worth. See the Schedule A instructions for the
● Joint tenants with right of survivorship if the
value to show for real property that is subject to a
decedent and the decedent’s spouse are the only
mortgage.
joint tenants.
If the property was acquired by the decedent and
Interests that meet either of the two requirements
another person or persons by gift, bequest, devise, or
above should be entered in Part 1. Joint interests that
inheritance as joint tenants, and their interests are not
do not meet either of the two requirements above
otherwise specified by law, include only that part of the
should be entered in Part 2.
value of the property that is figured by dividing the full
value of the property by the number of joint tenants.
Under “Description,” describe the property as
required in the instructions for Schedules A, B, C, and
If you believe that less than the full value of the
F for the type of property involved. For example, jointly
entire property is includible in the gross estate for tax
held stocks and bonds should be described using the
purposes, you must establish the right to include the
rules given in the instructions to Schedule B.
smaller value by attaching proof of the extent, origin,
and nature of the decedent’s interest and the
Under “Alternate value” and “Value at date of
interest(s) of the decedent’s co-tenant or co-tenants.
death,” enter the full value of the property.
In the “Includible alternate value” and “Includible
Note: You cannot claim the special treatment under
value at date of death” columns, you should enter only
section 2040(b) for property held jointly by a decedent
the values that you believe are includible in the gross
and a surviving spouse who is not a U.S. citizen. You
estate.
must report these joint interests on Part 2 of
Schedule E, not Part 1.
Schedule E—Page 18
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