Form 706 - United States Estate (And Generation-Skipping Transfer) Tax Return Page 5
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46Form 706 (Rev. 11-01)
Instructions for Schedule A—Real Estate
If the decedent’s estate is NOT liable for the amount of
the mortgage, report only the value of the equity of
If the total gross estate contains any real estate, you must
redemption (or value of the property less the
complete Schedule A and file it with the return. On
indebtedness) in the value column as part of the gross
Schedule A list real estate the decedent owned or had
estate. Do not enter any amount less than zero. Do not
contracted to purchase. Number each parcel in the
deduct the amount of indebtedness on Schedule K.
left-hand column.
Also list on Schedule A real property the decedent
Describe the real estate in enough detail so that the
contracted to purchase. Report the full value of the
IRS can easily locate it for inspection and valuation. For
property and not the equity in the value column. Deduct
each parcel of real estate, report the area and, if the
the unpaid part of the purchase price on Schedule K.
parcel is improved, describe the improvements. For city or
Report the value of real estate without reducing it for
town property, report the street and number, ward,
homestead or other exemption, or the value of dower,
subdivision, block and lot, etc. For rural property, report
curtesy, or a statutory estate created instead of dower or
the township, range, landmarks, etc.
curtesy.
If any item of real estate is subject to a mortgage for
Explain how the reported values were determined and
which the decedent’s estate is liable; that is, if the
attach copies of any appraisals.
indebtedness may be charged against other property of
the estate that is not subject to that mortgage, or if the
decedent was personally liable for that mortgage, you
must report the full value of the property in the value
column. Enter the amount of the mortgage under
“Description” on this schedule. The unpaid amount of the
mortgage may be deducted on Schedule K.
Schedule A Examples
In this example, alternate valuation is not adopted; the date of death is January 1, 2001.
Item
Alternate
Alternate
Value at
Description
number
valuation date
value
date of death
1
House and lot, 1921 William Street NW, Washington, DC (lot 6, square 481). Rent
of $2,700 due at end of each quarter, February 1, May 1, August 1, and November
1. Value based on appraisal, copy of which is attached
$108,000
Rent due on item 1 for quarter ending November 1, 2000, but not collected at date
of death
2,700
Rent accrued on item 1 for November and December 2000
1,800
2
House and lot, 304 Jefferson Street, Alexandria, VA (lot 18, square 40). Rent of $600
payable monthly. Value based on appraisal, copy of which is attached
96,000
Rent due on item 2 for December 2000, but not collected at date of death
600
In this example, alternate valuation is adopted; the date of death is January 1, 2001.
Item
Alternate
Alternate
Value at
Description
number
valuation date
value
date of death
1
House and lot, 1921 William Street NW, Washington, DC (lot 6, square 481). Rent
of $2,700 due at end of each quarter, February 1, May 1, August 1, and
November 1. Value based on appraisal, copy of which is attached. Not disposed of
within 6 months following death
7/1/01
90,000
$108,000
Rent due on item 1 for quarter ending November 1, 2000, but not collected until
February 1, 2001
2/1/01
2,700
2,700
Rent accrued on item 1 for November and December 2000, collected on
February 1, 2001
2/1/01
1,800
1,800
2
House and lot, 304 Jefferson Street, Alexandria, VA (lot 18, square 40). Rent of $600
payable monthly. Value based on appraisal, copy of which is attached. Property
exchanged for farm on May 1, 2001
5/1/01
90,000
96,000
Rent due on item 2 for December 2000, but not collected until February 1, 2001
2/1/01
600
600
Schedule A—Page 5
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