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IRS Form 706 (2015) — Late & Amended Estate Tax Return Guide
Download the official 2015 estate tax return, understand year-specific thresholds, and learn how to file late or amended returns, including portability elections for a surviving spouse.
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What Is This Form
IRS Form 706 is the federal estate tax return for reporting assets owned and calculating tax owed for decedents dying in 2015. The 2015 version has its own basic exclusion amount, applicable credit, and schedule requirements, distinct from those of all other years.
Late Filers
Executors who missed the nine-month deadline can still file to meet IRS compliance requirements and preserve any available portability election for a surviving spouse.
Multiple Income Sources
Estates holding business interests, real property, investment accounts, and personal property use Form 706 to report the fair market value of all assets owned.
Itemizing Deductions
Executors claiming deductions for debts, medical expenses, administration costs, or charitable giving must itemize each item on the appropriate Form 706 schedules for IRS review.
Claiming 2015 Credits
The 2015 applicable credit of $2,117,800 offsets estate tax liability dollar-for-dollar and must be applied using the unified credit table in instructions.
IRS Compliance
Filing Form 706, even when no estate tax is owed, establishes an official IRS record, documents the portability election, and starts the audit limitations period.
Citizens Abroad / Military
U.S. citizens and resident decedents dying abroad or on active duty must file Form 706 if the gross estate meets the 2015 filing threshold.
Eligibility
An executor must file if the gross estate plus adjusted taxable gifts exceeded $5,430,000, or to elect portability for the surviving spouse. This applies equally to late filers and those establishing a compliance record.
Late Filers
Executors who missed the nine-month deadline must still file Form 706 to avoid compounding non-compliance penalties and establish an official estate tax record.
Multiple Income Sources
Estates with business interests, rental properties, or personal property must file Form 706 and report each asset's date-of-death fair market value for estate tax purposes.
Itemizing Deductions
Estates that reduce the taxable estate through deductions for debts, charitable giving, or administration expenses must itemize each deduction and attach supporting estate documentation.
Claiming 2015 Credits
Estates eligible to apply the 2015 applicable credit or claim a state death tax deduction must file Form 706 using the year-specific 2015 figures.
IRS Compliance
Executors seeking a closing letter or resolving a deficiency notice must file a complete 2015 Form 706 with all required schedules and supporting estate documentation.
Citizens Abroad / Military
Estates of U.S. citizens dying abroad or on military duty in 2015 must file Form 706 if the estate exceeds the threshold.
Step-by-Step
Follow these six steps to file an accurate 2015 federal estate tax return. Some steps include rules unique to this tax year.
1. Gather Your Relevant Documents Before Starting
Collect the death certificate, legal documents, will, trust instruments, prior gift tax returns (Form 709), and professional appraisals establishing the fair market value of all real property and business interests owned.
2. Identify the Decedent's Residency Status and Applicable Schedules
Form 706 (2015) applies only to U.S. citizens and residents; nonresident noncitizens file Form 706-NA instead. Executors must identify whether the decedent was a U.S. citizen or resident, as this determines which schedules, tax rates, and elections apply. Misidentifying residency status causes IRS processing delays and deficiency notices on 2015 estate tax returns.
3. Report All Property Acquired on the Correct Schedules
Each asset class uses a dedicated schedule: Schedule A for real property; Schedule B for stocks and bonds; Schedule C for mortgages, notes, and cash owed to the decedent; Schedule E for jointly owned property; Schedule F for personal property. Report all values at date-of-death fair market value, not cost basis. Inherited assets receive a stepped-up basis under §1014.
4. Calculate the Taxable Estate
The taxable estate is calculated by subtracting allowable deductions listed on Schedules J, K, L, M, and O from the gross estate, including debts, funeral expenses, charitable gifts, and marital deductions, then applying the tax rate table and reducing the result by the 2015 applicable credit of $2,117,800.
5. Choose Your Deductions and Apply the Basic Exclusion Amount [2015 Only]
For 2015, the basic exclusion amount was $5,430,000 per decedent, while the unlimited marital deduction applied to transfers to a U.S. citizen surviving spouse. Charitable deductions covered qualified bequests. Under §2032A, certain family farm and business property may qualify for special valuation, reducing its value by up to $1,100,000 with proper documentation.
6. Elect Portability of the Unused Exemption [2015 Only]
A surviving spouse may claim the deceased spouse’s unused exemption through a portability election in Part 6 of Form 706 (2015), even if no estate tax is owed, allowing use for lifetime gifts and transfers at death.
Filing Deadline — Nine Months From Date of Death
The original due date was nine months after the decedent's date of death. A six-month filing extension was available via Form 4768, but it did not extend the estate tax payment deadline. Unpaid federal estate tax has accrued interest from the original due date, and failure-to-file penalties continue to compound on any outstanding balance.
Refund Deadline — Likely Expired
Under IRC §6511, the refund window closes three years from the filing date or two years from the payment date, whichever is later. For most on-time 2015 filers, that window has closed. Consult a qualified tax advisor, as actual filing and payment dates control the deadline.
Processing Time — Allow Several Months
Paper estate tax returns sent to the IRS typically take six to nine months to process. A closing letter is issued only upon request,t with a user fee after at least four months. Executors with estate tax owed should submit payment with the return promptly.
E-Filing Restriction — Paper Mail Required [2015 ONLY]
Form 706 (2015) cannot be filed electronically and must be mailed to the Internal Revenue Service Center, Kansas City, MO 64999. Use certified mail with a return receipt or an IRS-approved private delivery service to establish proof of timely filing and protect the estate's compliance record. [2015 Only]
Missing Tax Records for 2015?
Executors who file years after the decedent's death often lack the original appraisals and income records needed to complete Form 706. IRS and SSA archived records can help reconstruct accurate figures for a complete federal estate tax return.
IRS Wage & Income Transcript
This transcript confirms all reported income sources for the decedent’s final year, including wages, dividends, interest, and retirement distributions, needed to reconcile the estate and prepare the final return.
IRS Account Transcript
This transcript shows prior federal tax payments, estimated payment credits, penalties, and outstanding balances — confirming whether estate assets are encumbered by an existing federal tax lien affecting estate tax purposes.
Social Security Administration
The SSA provides a lifetime earnings record useful for reconstructing gift history, verifying retirement benefits included in the gross estate, and supporting income figures on the decedent's final return.
Contact Prior Employers
Employers are legally required to retain payroll records. Former employers can reissue W-2s, 1099-Rs, and pension statements needed to account for retirement balances and deferred compensation in the gross estate.
Do not estimate any asset figures — use IRS transcripts and official records to match exact figures and reduce IRS follow-up notices.
Missing W-2s or Tax Records?
You can still complete your return even without original records
Penalties and interest have been accruing on the unpaid estate tax since the original filing deadline. Filing Form 706 now stops the failure-to-file penalty immediately, even if the full estate tax payment cannot be made today.
Failure-to-File Penalty
(5% per month, up to 25%)
The IRS charges up to 5 percent of the unpaid estate tax per month the return remains unfiled, reduced by any concurrent failure-to-pay penalty. A separate minimum penalty applies for returns filed more than 60 days late.
Failure-to-Pay Penalty
(0.5% per month + interest)
A separate 0.5 percent monthly penalty applies to unpaid estate tax, with no maximum cap. Interest accrues at the federal short-term rate plus 3 percent from the original due date and on assessed penalties after IRS notice.
Penalty Abatement Options
(Reasonable Cause Relief)
Executors who file and arrange payment of estate tax may request reasonable cause relief under IRC §6651(a). First-Time Abatement does not apply to Form 706, but relief may be granted for probate delays or missing estate documentation.
Filing a late estate tax return is always better than not filing—the failure-to-file penalty accrues at ten times the failure-to-pay rate, making non-filing the costliest option.
These are the most common errors that cause IRS delays, rejected returns, or missed exemptions on Form 706 filings.
- Using the wrong version of Form 706—Any revision other than Form 706 (Rev. August 2015) produces incorrect exemption amounts and mismatched credit figures, and the IRS will reject it.
- Missing the portability election in Part 6 — The portability election must be made in Part 6 of Form 706; omitting it permanently forfeits the surviving spouse's unused exemption with no routine remedy.
- Wrong decedent residency classification — Form 706 applies only to U.S. citizens and residents; nonresident noncitizens require Form 706-NA, and using the wrong form invalidates the entire filing.
- Failing to report adjusted taxable gifts on Part 2 — All post-1976 adjusted taxable gifts must be reported on Part 2, Line 4; omitting them understates the taxable estate and miscalculates the applicable credit.
- Incorrect fair market value for partially included assets — Using estimated or cost-basis values instead of date-of-death fair market value is the leading cause of IRS audit adjustments on estate tax returns.
- Assuming a refund is still available—The refund window depends on actual filing and payment dates under IRC §6511; consult a tax advisor before assuming any estate tax overpayment remains recoverable.
- Missing or incorrect EIN for the estate — Form 706 requires a valid Employer Identification Number; a missing or incorrect EIN causes IRS processing delays and misapplied estate tax payments.
- Unsigned return—A Form 706 not signed by the executor, or co-signed by all co-executors where required, is invalid and returned unprocessed by the IRS.
- Missing attachments or required schedules — Submitting Form 706 without all required schedules results in an incomplete return, which the IRS will send back for correction, delaying estate administration resolution.
What is IRS Form 706 (2015) used for?
IRS Form 706 (2015) is the federal estate tax return for estates of decedents who died in 2015. Executors use it to report the gross estate's fair market value, calculate estate tax owed, claim deductions, and elect portability of the unused exemption for the surviving spouse.
Can I still file a 2015 estate tax return?
Yes, no absolute deadline prevents a late filing, though penalties and interest apply to the unpaid estate tax. Executors seeking late portability relief may qualify under Rev. Proc. 2022-32 within five years of the decedent's death or must pursue relief under Reg. §301.9100-3.
What was the estate tax exemption for 2015?
The 2015 basic exclusion amount was $5,430,000 per decedent, with an applicable credit of $2,117,800. A married couple could shelter up to $10,860,000 combined, but only if the executor of the first spouse's estate filed Form 706 and elected portability.
What is the portability election, and how do I make it?
The portability election transfers a deceased spouse's unused exemption to the surviving spouse for lifetime gifts and transfers at death. It must be made in Part 6 of Form 706 (2015), even when no estate tax is owed, or the unused exemption is permanently forfeited.
How do I establish fair market value on Form 706 (2015)?
All assets owned must be reported at date-of-death fair market value — the price a willing buyer would pay a willing seller under no compulsion. Real property and business interests require a qualified appraisal. Do not substitute cost basis, purchase price, or assessed value.
Can I amend a 2015 estate tax return that was already filed?
Yes, executors may file a supplemental Form 706 (2015) to correct fair market value, add deductions, update adjusted taxable gifts, or adjust a missed election. Write "Supplemental Information" across page 1, and pay any additional estate tax owed promptly to stop interest accruing.
What is the generation-skipping transfer tax, and does it apply to 2015 estates?
The generation-skipping transfer tax applies to property transferred to grandchildren or skip individuals through outright gifts, trust assets, or direct death transfers. For 2015, the GST exemption was $5,430,000 at a 40 percent flat tax rate. Report direct skips from trusts on Schedule R-1.
Where do I file Form 706 (2015), and how long will it take to receive a closing letter?
Form 706 (2015) must be mailed to the IRS Center, Kansas City, MO 64999 — electronic filing is not available. Processing takes six to nine months. Request a closing letter with a user fee after at least four months. Use certified mail throughout.
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