Get Decedent Insured (to Be Filed By The Executor With Form 706, United States Estate (and

Form 706 must be filed by the executor of the estate of every U.S. citizen or resident: Whose gross estate, adjusted taxable gifts, and specific exemptions total more than the exclusion amount: $12.92 million for decedents who died in 2023 ($13.61 million in 2024), or3.

What's the difference between Form 706 and Form 709? Form 706 is filed by the executor of an estate on behalf of a deceased person to calculate estate tax owed, while the latter is filed by you to report gifts exceeding the annual exclusion.

In the United States, we have two types of taxes as they relate to death–Form 706, often referred to as an estate tax return, and Form 1041, an income tax return for estates and trusts. These two forms serve different purposes and both, one, or neither may need to be filed when someone passes away.

Executor. An executor is the personal representative, executor, executrix, administrator, or administratrix of the deceased person's estate. If no executor is appointed, qualified, and acting in the United States, every person in actual or constructive possession of any of the decedent's property must file a return.

Executor. An executor is the personal representative, executor, executrix, administrator, or administratrix of the deceased person's estate. If no executor is appointed, qualified, and acting in the United States, every person in actual or constructive possession of any of the decedent's property must file a return.

The executor of a decedent's estate uses Form 706 to figure the estate tax imposed by Chapter 11 of the Internal Revenue Code.

An estate tax return (Form 706) must be filed if the gross estate of the decedent (who is a U.S. citizen or resident), increased by the decedent's adjusted taxable gifts and specific gift tax exemption, is valued at more than the filing threshold for the year of the decedent's death, as shown in the table below.