What do I need to know about filing an estate tax return?

What do I need to know about filing an estate tax return?

Filing an estate tax return involves reporting the value of the deceased's estate to the IRS. It's required if the estate exceeds a certain threshold.

What is the current threshold for filing an estate tax return?

As of 2023, the threshold is $12.92 million. Estates valued below this amount typically do not need to file.

What forms do I need to file?

You'll need to file Form 706, the United States Estate (and Generation-Skipping Transfer) Tax Return.

Are there any deductions I can claim?

Yes, you can claim deductions for debts, funeral expenses, and certain administrative costs related to the estate.

How long do I have to file the return?

You generally have nine months from the date of death to file the estate tax return, but you can request a six-month extension.