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IRS Form 706 (2017) — Estate Tax Return Filing Guide
File your 2017 estate tax return, download the official form, and get guidance on late filing, amended returns, penalty relief, and portability elections for estates over $5,490,000.
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What Is This Form
IRS Form 706 (2017) is the federal estate tax return executors file to report tax owed on a decedent's total assets. It applies to estates exceeding the $5,490,000 basic exclusion amount, including real estate, investments, trusts, and prior taxable gifts.
Late Filers
Executors who missed the filing deadline may still submit Form 706 (2017) and request reasonable cause relief with proper supporting documentation.
Multiple Asset Types
Estates holding real estate, securities, business interests, and trusts must report each asset category on the correct schedule at fair market value.
Itemizing Deductions
Executors may reduce the taxable estate by claiming deductions for funeral expenses, debts, administration costs, and qualified charitable contributions allowed under IRS rules.
Claiming 2017 Credits
Executors must apply the 2017 unified credit of $2,141,800 to the tentative estate tax to determine the final federal estate tax owed.
IRS Compliance
Form 706 filing is required when the gross estate exceeds $5,490,000 or when electing portability for a surviving spouse, even if no tax is owed.
Citizens Abroad / Military
Estates of U.S. citizens or residents with foreign property must report worldwide assets on Form 706, regardless of where the assets are located.
Eligibility
IRS Form 706 (2017) is required when a decedent's gross estate exceeds the $5,490,000 basic exclusion amount, regardless of whether the original deadline has passed. Executors electing portability for a surviving spouse must also file this return.
Late Filers
Executors who missed the filing deadline may still submit Form 706 (2017) and request reasonable cause relief by attaching a written explanation with supporting documentation.
Multiple Asset Types
Estates holding real estate, business interests, securities, and trusts must report all assets at fair market value across the appropriate schedules on Form 706.
Itemizing Deductions
Executors must itemize allowable deductions, including debts, funeral costs, administrative expenses, and charitable transfers, to accurately determine the estate’s taxable value.
Claiming 2017 Credits
Executors must apply the $2,141,800 unified credit correctly to reduce the tentative estate tax and ensure the estate receives the full allowable benefit.
IRS Compliance
Estates receiving IRS notices or identifying omitted assets must file or amend Form 706 to maintain accurate reporting and resolve compliance issues with the IRS.
Citizens Abroad / Military
Executors seeking portability for a surviving spouse must file Form 706 (2017), even for non-taxable estates, as late election relief options are now limited.
Step-by-Step
Follow the steps below to complete Form 706 (2017) accurately. Some steps include rules that apply specifically to this tax year.
1. Gather Your Documents Before Starting
Collect all records needed to determine the estate’s financial position before completing the return. This includes prior tax returns, bank and investment statements, real estate appraisals, business valuations, trust documents, and records of lifetime taxable gifts to ensure accurate reporting.
2. Confirm You Are Using the Correct Form Revision (2017 Only)
Use the August 2017 revision of Form 706 for decedents who died during 2017. Always verify the revision date printed on each page before filing. Submitting an incorrect version can delay IRS processing or result in rejection, since the required form is tied directly to the decedent’s date of death.
3. Report All Assets on the Correct Schedules
Report each category of estate property on the appropriate schedule at fair market value: Schedule A for real estate, B for securities, C for notes, E for joint property, F for other assets, and G for certain transfers. Use verified appraisals or reliable market data, not estimates, to support all reported values.
4. Calculate the Gross Estate and Adjusted Value
Add all asset values across completed schedules to determine the gross estate. Subtract allowable deductions, including funeral costs, debts, administrative expenses, and charitable transfers, to calculate the adjusted taxable estate, which determines the tentative estate tax owed and any applicable credits.
5. Apply the Unified Credit and Available Exclusion (2017 Only)
Apply the $2,141,800 unified credit against the tentative estate tax, reflecting the $5,490,000 basic exclusion for 2017. Adjust for any prior taxable gifts that reduce the available exclusion amount. If electing portability, calculate the deceased spousal unused exclusion and report it accurately in Part 6 of Form 706.
6. Attach All Required Schedules and File (2017 Only)
Attach all required schedules, appraisals, and supporting documents before filing. Form 706 must be filed by mail. Missing documentation or incomplete schedules can delay processing and may affect eligibility for elections such as installment payment relief.
Filing Deadline — September 18, 2018
Form 706 (2017) was due nine months after the decedent’s date of death. Executors could request a six-month filing extension using Form 4768. However, payment extensions required separate approval. Interest accrues on unpaid tax from the original due date, even when a filing extension is granted.
Refund Deadline — Likely Expired
Under IRC §6511, refund claims must be filed within 3 years from the return filing date or 2 years from the payment date, whichever is later. For most 2017 estates, this window has closed. Limited exceptions may apply. Executors should consult a qualified professional before submitting any late refund claim.
Processing Time — Allow Several Months
Paper-filed Form 706 returns often take several months to be processed by the IRS, especially for complex estates. Returns involving business interests or portability elections may take longer. Executors with balances due should submit payment promptly to reduce interest accrual, as processing delays do not pause interest on unpaid estate tax.
E-Filing Restriction — Paper Mail Required
Form 706 must be filed by paper mail or an approved private delivery service for all tax years. Executors should keep proof of mailing and complete copies of submitted documents. Missing attachments or incomplete schedules may delay processing and increase the likelihood of IRS follow-up requests or additional review.
Missing Tax Records for 2017?
Late filers frequently lack original financial statements or appraisals needed to file an accurate 2017 estate tax return. IRS account records and professional advisors can help reconstruct the estate's financial position and support a complete filing.
IRS Wage & Income Transcript
This transcript may help verify income-related activity tied to estate assets, supporting accurate reconstruction when original financial statements or supporting documentation are unavailable.
IRS Account Transcript
An IRS estate tax account transcript shows payments, penalties, and account activity, helping confirm what has already been filed, paid, or assessed for the estate.
Social Security Administration
SSA records may confirm benefits received before death, which can help verify income streams and support accurate reporting when reconstructing financial records.
Contact Prior Employers
Employers or financial institutions may retain historical records, including compensation, benefits, or account statements, which can help verify asset values and support accurate estate reporting.
Do not estimate asset values or income figures; use IRS transcripts, appraisals, and verified records to match documentation 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 on unpaid 2017 estate taxes have been accruing since the original filing deadline, nine months after death. Filing Form 706 now stops further failure-to-file penalties from increasing.
Failure-to-File Penalty
(5% per month, up to 25%)
The IRS charges 5% of the unpaid estate tax for each month the return remains unfiled, up to a maximum of 25%. When both penalties apply in the same month, the combined rate is limited to 5%, not 5.5%.
Failure-to-Pay Penalty
(0.5% per month + interest)
A separate 0.5% monthly penalty applies to unpaid balances, capped at 25%. Interest compounds daily on unpaid tax and may be reduced only in limited cases involving IRS error or delay.
Penalty Abatement Options
(First-Time Abatement & Reasonable Cause)
First-Time Abatement does not apply to Form 706 filings. Executors may request penalty relief on grounds of reasonable cause by providing documentation showing circumstances such as delayed access to funds or complex probate issues.
Filing late is better than not filing at all. The failure-to-file penalty accrues at ten times the failure-to-pay rate, making prompt submission critical to limiting total liability.
These are the most frequent errors causing IRS delays, rejected returns, or missed elections on 2017 Form 706 filings.
- Using the wrong form revision — Submitting a Form 706 not tied to the 2017 date of death can delay IRS processing and require corrected resubmission.
- Missing portability election statement — Failing to elect portability prevents transfer of unused exclusion, and the simplified late-election option for 2017 decedents is no longer available.
- Incorrect fair market value calculations — Reporting estimated or unsupported asset values instead of qualified appraisals can trigger IRS review, adjustments, and potential increases in estate tax liability.
- Missing or incomplete schedules — Omitting required schedules for assets, deductions, or credits results in an incomplete return and often leads to IRS follow-up notices or processing delays.
- Overlooking Section 6166 election — Estates qualifying for installment payments must make the election on a timely filed return, as late filing generally forfeits this valuable payment relief option.
- Applying the wrong exclusion amount — Using an incorrect basic exclusion instead of the 2017 amount of $5,490,000 results in inaccurate tax calculations and potential IRS corrections.
- Missing or incorrect identification numbers — Errors in Social Security numbers or estate EINs can cause payments to be misapplied, delay IRS processing, and trigger additional correspondence or account corrections.
- Unsigned return — An unsigned Form 706 is not considered filed by the IRS and does not stop penalties or interest from continuing to accrue.
- Missing attachments — Failing to include required appraisals, trust documents, or election statements results in an incomplete filing and delays IRS review and acceptance.
What is IRS Form 706 (2017) used for?
IRS Form 706 (2017) is the federal estate and generation-skipping transfer tax return used to report a decedent’s total assets and calculate estate tax owed. It is required when the gross estate and prior taxable gifts exceed $5,490,000 or when electing portability for a surviving spouse.
Can I still file a 2017 estate tax return?
Yes, Form 706 (2017) can still be filed after the deadline. Penalties and interest may apply unless the executor qualifies for reasonable cause relief. Filing may also be required to respond to IRS notices, correct omissions, or establish an accurate compliance record for the estate.
What was the federal basic exclusion amount for 2017?
The federal basic exclusion amount for 2017 was $5,490,000 per decedent, adjusted for inflation. Estates below this threshold were generally not subject to estate tax. However, filing may still be required to elect portability or respond to IRS inquiries regarding reported estate assets and transfers.
What is portability, and can it still be elected for a 2017 estate?
Portability allows a deceased spouse’s unused exclusion to be transferred to a surviving spouse, increasing available tax-free transfers. For 2017 estates, the simplified late-election option has expired. A Section 9100 Private Letter Ruling is generally required to request relief and make a late portability election.
How is fair market value determined on Form 706 (2017)?
All estate property must be reported at fair market value on the date of death, reflecting the price agreed upon between a willing buyer and seller. Qualified appraisals are required for real estate, closely held businesses, and non-public assets to support reported values and reduce IRS challenges.
What penalties apply if Form 706 (2017) is filed late?
A failure-to-file penalty of 5% per month applies to unpaid estate tax, capped at 25%. A separate 0.5% monthly failure-to-pay penalty also applies. When both penalties apply in the same month, the combined rate is capped at 5%, not 5.5%.
What does the generation-skipping transfer tax exemption cover for 2017?
The generation-skipping transfer tax applies to transfers made to beneficiaries at least two generations younger than the decedent. For 2017, the exemption amount was $5,490,000. Executors must report qualifying transfers on Schedule R and allocate an exemption to reduce or eliminate additional tax owed.
Where can taxpayers find resources to complete Form 706 (2017)?
The IRS provides Form 706, instructions, and related guidance on IRS.gov. Executors should rely on official resources for valuations, deductions, and credits. Given the complexity of estate tax rules, many executors choose to work with a qualified estate tax attorney or CPA.
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