Instructions for Form 706 (2024) Checklist
Form 706 is the federal estate tax return used by a personal representative to report the gross estate, calculate deductions, and determine any estate tax or generation-skipping transfer tax due. The United States Estate (and Generation-Skipping Transfer) Tax Return applies to decedents dying in 2024 and also supports portability filings when preserving a deceased spouse’s unused exclusion amount.
This estate tax return operates under federal law and is separate from income tax reporting, gift tax filings, or state-level estate tax systems. Items such as stimulus payments, ACA reconciliations, unemployment exclusions, or individual credits do not apply when preparing IRS
Form 706.
Ten-Step Checklist (2024 Form 706)
Step 1: Confirm death date, filing requirement, and executor authority
Confirm the date of death falls in 2024 and obtain the death certificate and documentation establishing executor or personal representative authority for the decedent’s estate. Determine whether filing is required based on the estate tax exemption, adjusted taxable gifts, filing threshold rules, or the intent to make a portability election.
Confirm the filing deadline, which is generally nine months from the date of death, and evaluate whether an extension request is needed. If additional time is required, prepare the appropriate extension application consistent with IRS forms and current filing guidance.
Step 2: Document real estate reported on Schedule A
Identify all real and tangible personal property interests included in the federal gross estate, including out-of-state or foreign real estate when applicable under federal estate tax law. Obtain reliable fair market value support as of the date of death or alternate valuation date if that election is properly made.
Ensure each parcel is listed separately on Schedule A, with the location, ownership interest, and valuation methodology clearly described. Maintain appraisals and supporting records to substantiate values reported on the estate tax return.
Step 3: Document stocks and bonds reported on Schedule B
Gather brokerage statements and valuation data for securities owned at death, including publicly traded and closely held interests reportable under federal estate tax rules. Confirm fair market value using appropriate pricing sources as of the applicable valuation date.
If the securities are jointly owned, determine whether Schedule E applies instead of Schedule B based on the characterization of ownership. Ensure consistency between ownership documentation and how assets are reported across schedules.
Step 4: Document cash, notes, and receivables on Schedule C
Schedule C reports assets such as bank accounts, cash equivalents, notes receivable, and mortgages payable to the decedent. Collect account statements and loan documentation reflecting balances and receivable values as of the valuation date.
Confirm that Schedule C is used only for assets included in the gross estate and not for deductible liabilities. Debts, liens, and obligations of the decedent belong on deduction schedules rather than among gross estate assets.
Step 5: Report insurance on the decedent’s life using Schedule D
Identify life insurance policies insuring the decedent and determine whether proceeds are includible in the federal gross estate under Internal Revenue Code rules. Obtain insurer statements, policy numbers, beneficiary designations, and ownership records.
The report includes policies on Schedule D regarding whether proceeds are payable to the estate or to other beneficiaries. Maintain documentation supporting incidents of ownership or other inclusion triggers used in the estate tax analysis.
Step 6: Report jointly owned property on Schedule E
Schedule E applies to survivorship-type jointly owned property, including joint bank accounts, brokerage accounts, and certain jointly titled real estate. Collect titling records and contribution evidence needed to compute the includible portion under federal estate tax law.
Do not report tenancy-in-common interests on Schedule E unless the ownership form meets the joint interest criteria. Ensure the reported includible portion aligns with ownership facts and governing documentation.
Step 7: Report miscellaneous property on Schedule F
Schedule F captures estate assets not properly reportable on another schedule, including personal effects, art, vehicles, digital assets, and certain business interests. Gather inventories, appraisals, and custodian records to support reported values.
Confirm that retirement or contractual rights are placed on Schedule F only when not otherwise assigned to a specific schedule. Maintain consistent valuation support across all reported miscellaneous property.
Step 8: Report lifetime transfers and powers of appointment on Schedules
G and H
Schedule G includes lifetime transfers that remain includible in the decedent’s estate due to retained interests or applicable transfer rules.
Collect trust agreements, transfer documents, and records establishing retained control or enjoyment.
Schedule H reports property subject to a general power of appointment held, exercised, or released by the decedent.
Ensure governing instruments and valuation documentation support inclusion under estate tax law.
Step 9: Claim deductions using the proper deduction schedules
Use Schedule J, K, L, M, and O to report allowable deductions for funeral expenses, debts, administration costs, marital transfers, and charitable bequests.
Each deduction must meet federal estate tax requirements and be supported by invoices, contracts, or governing instruments.
Avoid misclassifying deductions as assets or duplicating amounts across schedules.
Confirm that state death taxes, when deductible, are reported consistently with federal law and documentation standards.
- Full IRS transcript retrieval (Wage & Income + Account)
- Professional tax form review
- Preparation & filing support
- Tax relief options if you owe the IRS
Step 10: Compute tax, address portability, and GST, and file
Complete the estate tax computation by reconciling the gross estate, deductions, prior taxable gifts, and applicable exclusion amounts. If electing portability, complete the required sections accurately and ensure the estate tax return is filed on time.
Address generation-skipping transfer reporting when direct skips or trust terminations require
GST schedules. Sign the return as the executor, assemble the required attachments, and file it according to the current IRS mailing address instructions.
Form-Specific Practice Notes for 2024
The estate tax exclusion amount for decedents dying in 2024 is reflected in the Internal
Revenue Service's revised instructions. Estates filing solely for portability must still meet executor obligations and filing deadlines under federal estate tax law.
Consistent valuation, correct schedule placement, and complete documentation reduce audit risk and processing delays. Maintain a complete copy of the filed federal estate tax return, supporting schedules, and proof of filing for estate administration records.
How to Use This Checklist
Apply the checklist sequentially, beginning with filing requirements and proceeding through asset reporting, deductions, tax computation, and final filing. Organize records by schedule and retain digital copies of PDF files used during preparation.
Using IRS forms correctly and maintaining clear documentation supports accurate reporting under the estate and gift tax framework. When issues involve complex transfers, trust arrangements, or state death taxes, consultation with a qualified tax professional is appropriate.
If you’re missing tax documents or want to ensure the numbers you enter match IRS records, we can help.
